Donald Trump Memecoin Crypto Price Jumps 700% in a Month

Liputan6.com, Jakarta – The price of the Donald Trump-themed crypto memecoin (TRUMP) has soared more than 700% over the past month, according to CoinGecko data, currently the crypto market capitalization has almost touched USD 500 million or the equivalent of IDR 7.8 trillion (assuming an exchange rate of IDR 15,761 per US dollar) .

Quoted from Yahoo Finance, Wednesday (6/3/2024), the project's marketing director, Steven Steele, said that this project was developing into a betting market on elections for many investors. TRUMP, a cryptocurrency on the Ethereum blockchain, was traded at around USD 1.27 or the equivalent of IDR 20,015 a month ago, now it is almost USD 11 or the equivalent of IDR 173,360.

While some see memecoins as the most deviant corner of crypto casino culture, others defend memecoins as a respectable form, taking over the global financial system in a deliberately absurd form.

For example, the Avalanche Foundation, a future-proof blockchain, recently noted it would invest in a meme coin-turned-commodity.

Steele envisions TRUMP as an early experiment called PoliFi, which combines politics, finance and community. This makes TRUMP coin very similar to a prediction market, which allows traders to sign contracts to hedge against the possibility of an event occurring.

For example, contracts regarding Trump's chances of winning the presidential election in November on the Polymarket prediction market have accumulated more than USD -6 million in liquidity, with some bets exceeding half a million dollars.

In contrast, bets on President Joe Biden's chances of winning reelection had just under USD 4.5 million in liquidity.

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