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Trump's NFT Surged 250% on the Campaign Trail
01/23/2024

Trump's NFT Surged 250% on the Campaign Trail

01/23/2024
4,5

The trading volume of Donald Trump's NFT collection surged 250% after his opponent Ron DeSantis dropped out of the presidential race. Now that all cryptocurrency supporters have dropped out of the race, Trump's promises to ban CBDC look doable.

CryptoSlam data shows that over the past 24 hours, the trading volume of Donald Trump's Series 1 NFT collection has increased by 248%, which is not the case for Series 2 and MugShot, which declined significantly over the period. In addition, CoinGecko data showed that the floor price of all collections declined by 4% at the time of writing. 

Meanwhile, the Trump-inspired meme coin MAGA has reached a record market capitalization of $96 million. The cryptocurrency community believed that the closer Donald Trump gets to victory, the year 2024 seems favorable for MAGA.

Sharp gains are also seen in the stock market. Digital World Acquisition Corp. shares are up nearly 200% in the last 6 days and 88% in the last 24 hours. The positive price action for the stock began with Trump's first election victories. Digital World Acquisition Corp. agreed to merge with Trump Media back in October 2021.

The recent surge in the prices of NFT, meme coins and stocks in any way related to Trump came amid the suspension of the campaign of Trump's opponent, Ron DeSantis. The Florida governor and crypto industry supporter released a video announcing that he was suspending his participation in the election in support of Trump's candidacy. Supporting Bitcoin was part of his campaign. Still, DeSantis stood by Trump's view that CBDCs are a cause for concern. Like Trump, the Florida governor has vowed to ban CBDCs in the case of winning the election. Earlier, Trump's candidacy was supported by Vivek Ramaswamy, another cryptocurrency supporter who dropped out of the race.

Speaking of CBDC, Trump emphasized in his Portsmouth speech that this type of currency would give the federal government complete control over citizens' money and promised never to endorse its issuance. The fate of CBDC in the U.S. could indeed be dire, as several states such as Utah, South Carolina, South Dakota and Tennessee have come forward with bills prohibiting CBDC from being called real money. Florida passed this legislation back in May 2023.

What's interesting is that back in 2019, Donald Trump spoke out against Bitcoin and cryptocurrencies, claiming that their value was created out of thin air. Yet, a couple of years later, as his presidential term ended, the crypto community found the address of his cryptocurrency wallet. Last December, he sold ETH totaling $2.4 million.

Cryptocurrency platform Messari emphasized the importance of Trump's support of people like DeSantis and Ramaswamy to ensure the future success of the crypto industry in the US.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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