Trump's Support Boosts Meme Coins as Dogecoin Surges 8%

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Dogecoin surges 8% following GameStop rally, as meme coins reignite; Trump's crypto endorsement adds to market frenzy.

In the ever-evolving landscape of crypto, meme coins are once again stealing the spotlight, mirroring the fervor ignited by the GameStop stock rally. Among them, Dogecoin (DOGE), the pioneer of meme coins, has surged by an impressive 8% over the past 24 hours, according to data. This resurgence in interest has propelled DOGE's price from around $0.13 to over $0.15 at the time of the latest update.

The uptick in interest extends beyond Dogecoin, with the broader meme coin market experiencing a remarkable 10% increase on Monday alone. Ethereum-based tokens like Shibu Inu (SHIB) and Pepe (PEPE) saw gains of 7% and 21% respectively. Additionally, Solana-based Dogwifhat (WIF) and Ethereum's Floki (FLOKI) surged by 8% and 11% respectively, demonstrating the widespread enthusiasm for meme-based digital assets.

Notably, political meme coins, particularly those themed around former U.S. President Donald Trump, have seen substantial gains. The MAGA (TRUMP) token skyrocketed by 31% to $8.41, while Doland Tremp (TREMP) and MAGA VP (MVP) experienced increases of 3% and a staggering 64% respectively.

Trump's recent endorsement of cryptocurrencies during an event at his Mar-a-Lago resort in Florida has further fueled speculation within the crypto community. He expressed intentions to address hostility towards crypto if re-elected, emphasizing the importance of embracing the technology to keep crypto companies within the U.S. borders.

Analysts from British banking firm Standard Chartered have suggested that a potential Trump victory in the upcoming elections could positively impact Bitcoin's future price projections. Trump's support for crypto contrasts with the Democratic stance against it, highlighting a potential shift in regulatory outlook depending on the outcome of the elections.

In contrast to the surge in Trump-themed meme coins, the President Joe Biden-themed meme coin "Jeo Boden" (BODEN) faced a decline of 21%, currently priced at $0.27.

As the meme frenzy reignites in the crypto market, investors and enthusiasts alike are closely monitoring these developments, anticipating further volatility and potential opportunities in the days ahead.