Trump-themed Meme Coins Drop After Biden Resigns from Presidential Candidate

Bittime -The announcement that Joe Biden will not run in the 2024 US presidential election had a significant impact on the crypto market, especially on Trump-themed coins such as Super Trump (STRUMP), Maga (MAGA), and Doland Tremp (TREMP). Biden, under pressure from fellow Democrats to step aside and make way for a new nominee, eventually announced his decision. This sparked mixed market reactions to coins inspired by former President Donald Trump.

Super Trump (STRUMP) Experiences a Price Increase

Super Trump (STRUMP) is one of the Trump-themed coins that saw its price increase after Biden's resignation announcement. STRUMP, which is valued at around $0.01547, rose by 24% following the announcement. Despite a slight decline of 0.60% today, STRUMP has a market cap of $28 million and ranks 715th on CoinMarketCap. Trading volume reached $4.58 million in the last 24 hours, indicating strong interest from investors.

Technical indicators for STRUMP indicate bullish sentiment in the latest trading session. The Chaikin Money Flow (CMF) indicator remains positive with a value of 0.37, while the Awesome Oscillator (AO) displays green bars indicating increasing market momentum.

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You (YOU) Mengalami Volatilitas

Maga (MAGA), a coin associated with the MAGA movement, is currently priced at $6.85 and saw a decline of 4% in the past day. The coin has a market capitalization of $300 million and is ranked 217th on CoinMarketCap. Since its launch, MAGA has seen a significant spike of 41,405%.

However, the value of MAGA has fluctuated in recent weeks, with prices ranging from $8 to $5. The latest decline coincided with significant political events involving Trump and Biden-related assassination attempts. As the US presidential election approaches, political-themed digital coins such as MAGA are attracting greater attention.

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Doland Tremp (TREMP) Soars Sharply

Doland Tremp (TREMP), a coin popular among political humor-based communities, saw its price spike by 269% following recent political events. The coin, based on the Solana blockchain, is trading at $0.453, with trading volume reaching $17 million in the last 24 hours. TREMP ranks 2579th on CoinMarketCap with a market capitalization of $19 million.

The Relative Strength Index (RSI) indicator for TREMP is currently at 52, indicating this asset is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing slight bearish momentum, with the histogram hovering slightly below the zero line, hinting at a potential slowdown in bullish activity.

Conclusion

The announcement of Joe Biden's withdrawal from the 2024 US presidential race had a major impact on the crypto market, especially Trump-themed coins. While Super Trump (STRUMP) and Doland Tremp (TREMP) experienced significant price increases, Maga (MAGA) faced volatility. Political developments in the US continue to influence crypto market dynamics, and investors need to continue monitoring the situation to make informed investment decisions.

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