Trump's NFT Surged 250% on the Campaign Trail
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.
Another All Time High For $TRUMP As Ron DeSantis Suspends His Presidential Campaign To Endorse Donald J. Trump.— JAKE (@JakeGagain) January 22, 2024
The More #TRUMP Wins, The Higher $TRUMP Goes. 2024 Is Looking Bullish For @MAGAMemecoin.
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.
“Success is not final, failure is not fatal: it is the courage to continue that counts.”— Ron DeSantis (@RonDeSantis) January 21, 2024
- Winston Churchill pic.twitter.com/ECoR8YeiMm
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.
JUST IN: 🇺🇸 Donald Trump says he'll "never allow the creation of a central bank digital currency where they can rob your money." pic.twitter.com/D7nn3YLO1j— Bitcoin Magazine (@BitcoinMagazine) January 22, 2024
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.
It’s time to make 45 -> 47 and surround Trump with people like Ron DeSantis and Vivek Ramaswamy, rather than bought and paid for neocons like Nikki Haley.— Ryan Selkis (d/acc)🪳 (@twobitidiot) January 21, 2024
That + a GOP Senate are what we need for crypto to have a bright future in the U.S.pic.twitter.com/dmrj42JXCf