News
TrumpCoin Soars 55% After Trump Joins Bitcoin 2024 Conference
TrumpCoin (DJT) skyrocketed on Wednesday following news that Donald Trump would be attending the Bitcoin 2024 Conference. The announcement sent the token’s price soaring more than 55%, while other Trump-themed memecoins surged nearly 20%.
Trump Joins Bitcoin Conference
On July 10, former U.S. President and Republican candidate Donald J. Trump was officially announced as the keynote speaker at the Bitcoin Conference 2024. The Bitcoin Conference will be held in Nashville, Tennessee, July 25-27.
Independent crypto-friendly presidential candidate Robert F. Kennedy Jr. will also be attending the upcoming event. Additionally, former crypto-friendly Republican candidate Vivek Ramaswamy will join the world’s largest Bitcoin conference as a keynote speaker.
The CEO of Bitcoin Magazine, the organizer of the Bitcoin Conference, expressed his enthusiasm for Trump’s participation. “On July 27th, we will change the course of history,” David Bailey said in a post X.
The news of Trump’s involvement in the event was welcomed by many industry figures. However, other industry members and investors questioned Trump’s intentions. CryptoQuant CEO Ki Young Ju he was wondering if the efforts of the former US president were genuine:
Is this a vote-getting strategy or is it a genuine attempt to make the US a Bitcoin nation? Does anyone know?
Despite the skepticism, the cryptocurrency community seems optimistic about the news, as Trump-inspired tokens soared last night.
TrumpCoin and Trump-Inspired Memecoins Skyrocket
TrumpCoin price reacted quickly to the news, skyrocketing by 55%. The token hit the $0.013 resistance level for the first time since June 27, according to data from DexScreener.
DJT saw a controversial launch nearly a month ago after online reports claimed that TrumpCoin was Trump’s “official” token. As a result, many investors sold most of their Trump-themed memecoins, making them accident about 30%.
At the time, Martin Shrekli, also known as “Pharma Bro,” claimed that the token was officially related to the Trump camp. Shrekli claimed that Barron Trump, the son of the former US president, was closely involved with TrumpCoin.
However, it was later revealed that Shrekli was behind the token. Cryptocurrency detective ZachXBT exposed the scheme on X, uncovering the truth before Shrekli admitted his involvement in an X-Space.
Since then, DJT price has been on a downward trajectory. The token has seen a 33% decline in the last two weeks. However, it is up 10% from its 24-hour price, currently trading at $0.0086.
Others inspired by Trump memecoins also rising after the news. MAGA (TRUMP) rose from the $5.74 price range to $6.54 in the hours afterward. The price action represented a 15% and 39.5% increase in the daily and weekly timeframes.
Similarly, MAGA Hat (MAGA) has seen a 20% increase in price from $0.00015 to $0.00018. MAGA’s performance has seen a 50% increase from its price a week ago.
Featured image from Unsplash.com, chart from TradingView.com