Donald Trump’s victory in the US elections has generated a lot of movement in the cryptocurrency market. Maybe too much. Beyond the rally of bitcoin and its all-time highs, a rain of money has watered the memecoins. If bitcoin has soared 39% since the Republican’s return to the White House was confirmed, the joke crypto Peanut The Squirrel (PNUT) has risen 2,700%.
PNUT’s push has to do with a recent controversy in the United States, one of those that goes viral on social networks. Peanut was the squirrel of American influencer Mark Longo who, along with his owner, was a virtual character. Between both profiles they have more than a million followers. Longo was dedicated to uploading photos and videos with his pet, until the New York Environmental authorities seized it for reasons of public health and illegal possession. Then they sacrificed her. Longo’s raccoon, Fred, met the same fate.
The controversy was served and did not stop growing, reaching the political level. A Republican congressman, Nick Langworthy, criticized the actions of the authorities on X (formerly Twitter), considering that taxpayers deserve more serious and relevant issues to be addressed.
After, the viral topic became a cryptocurrency. Peanut was culled at the end of October and the meme coin began trading just the day before the election, November 4. The token started trading at around five cents and is now worth $1.32. Its capitalization is 1,320 million dollars. Despite being newly created, the Peanut The Squirrel token has attracted a lot of attention and money.
Donald Trump has not promoted memecoins, but he has exacerbated the euphoria towards cryptocurrencies. If meme coins are traded for viral or random reasons, the Republican’s victory has been the perfect excuse to unleash speculation. In the last month alone, coinciding with his victory in the elections, the capitalization of meme cryptocurrencies has gone from $55.07 billion to $122.65 billion, a growth of 123%. That is, the capitalization of meme tokens has more than doubled.
The president-elect has championed the defense of cryptocurrencies, which have been a great asset of his electoral campaign. In fact, Trump hasn’t stopped with crypto. He is the face and soul of the World Liberty Financial project, launched before the elections, which, although a botched project, is raising funds. In addition to launching with its own token, promises for the digital asset industry have abounded. It will create a strategic reserve of bitcoins or turn the United States into the crypto capital of the world. They are two measures that They do not appear in his program, but that the president has sold during the campaign.
His speech has ended up getting through and, for now and at the expense of what ends up materializing during his term, experts consider that there will be more favorable regulation towards cryptocurrencies.
Such has been the link between the US election campaign, Trump and the digital assets that cryptocurrencies have proliferated meme of politicians, also known as PolitiFi tokens. These already have a capitalization of $1.7 billion, according to CoinMarketCap. There are more than a hundred coins related to Donald Trump, Kamala Harris or the MAGA slogan, Make America Great Again.
Of course, volatility is served. The fact that these cryptocurrencies have no use or no project It does not prevent there from being thousands of followers or communities that support them. Not only on social networks, but with money. The fact that they involve so much risk allows for high profits or large losses. But those extremes, the possibility of earning thousands of dollars in a short time is one of the reasons that attracts the most reckless.
Logically, the question is what path these meme cryptocurrencies have in the long term. This uncertainty contrasts with the number of joke cryptos there are and their enormous popularity, now booming thanks to Trump. Meme currencies also tend to perform better when stocks are bullish and the outlook for monetary policy is favorable.
Dogecoin (DOGE) has its origins in a joke and is considered the first meme currency. That has not prevented it from climbing the market and it is among the ten cryptocurrencies with the highest capitalization. Specifically, its market value amounts to 60.5 billion dollars. Since Trump’s victory, his rally It has been 144%. This crypto has the support of Elon Musk and that is one of the reasons that has promoted it. In fact, the founder of Tesla will hold public office to increase efficiency in public administration and the department has been named after the cryptocurrency, DOGE. Enough to ignite euphoria. This crypto is the second among the most favored meme after the elections, only behind the PNUT squirrel.
Dogecoin is a dog, Peanut is a squirrel, and the following meme tokens that have skyrocketed the most are also animals. There is a whole fauna of cryptocurrencies, like BRETT or PEPE, also among the main winners in this story. It’s not difficult to create one, so the reasons to do so are endless. Elon Musk has his own token, MUSK, although he did not create it. This crypto issues new coins every time the businessman tweets. In the last month, its revaluation is 209%.
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