Which crypto assets have surged following President Trump's consecutive primary victories?
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Which crypto assets have surged following President Trump's consecutive primary victories?
"The value of meme coins lies in their ability to capture public attention, and Trump is undoubtedly one of the most attention-grabbing figures globally."
Navigating Web3 tides with focused insightsText: BlockBeats
According to projections and reports by multiple mainstream U.S. media outlets, former U.S. President Donald Trump won the Republican primary held in Michigan on the 27th. The former president has been racking up consecutive victories in the 2024 U.S. presidential election primaries, consistently becoming a news highlight and a hot topic across social media platforms.
As early as February 6, Andrew Kang, co-founder and partner at crypto venture firm Mechanism Capital, publicly announced that he had established a position in Trump-themed crypto assets. He stated: "The value of meme coins lies in their ability to capture public attention, and Trump is undoubtedly one of the most attention-grabbing figures globally."
If one had started building positions in these Trump-related meme coins and NFTs since February 6, what kind of investment returns would they have achieved so far?
Meme Coin: TRUMP
TRUMP (MAGA) was launched on August 11, 2023. MAGA stands for "Make America Great Again," Trump's famous political slogan. A cryptocurrency wallet believed to be directly owned or operated by Trump currently holds 580,000 TRUMP tokens, worth over $3.6 million. The token now has a market capitalization of $290 million, making it the ninth-largest meme coin.
On February 6, TRUMP was priced at $2.20. Based on its current price of $6.25, a position established on that day would have yielded an 184% return on investment.
NFT: Donald Trump Digital Trading Card
On December 16, 2022, Trump first announced on social media the launch of his personal NFT collection titled "Donald Trump Digital Trading Card," with a total supply of 45,000 cards, each priced at $99. Within two days of launch, the floor price of the Donald Trump Digital Trading Card briefly surpassed 0.6 ETH. At the prevailing ETH-to-USD exchange rate at the time, this equated to a peak floor price of around $700.
On February 6, the floor price of the Donald Trump Digital Trading Card was 0.225 ETH. Based on the current floor price of 0.2299 ETH, a position established on that day has generated a 2.17% return in ETH-denominated terms.
Polymarket Prediction: "2024 Presidential Election Winner"
In addition to purchasing meme coins and NFTs, participating in Polymarket's prediction market for the "2024 Presidential Election Winner" can also generate returns from Trump's primary wins. Each outcome starts trading at $0.50, with prices fluctuating based on user bets on either side. The price (odds) reflects the current probability of the event occurring. Currently, the price for Trump winning the presidency (i.e., "Bet Yes") is $0.53, implying a perceived 53% chance of victory. If the price rises to $0.70, it would indicate a 70% likelihood of Trump winning.
Trump has repeatedly shared his Polymarket odds on Truth Social, the media platform he founded. As of writing, the total amount wagered on this prediction has reached $63.31 million.
Summary
Primaries are the first stage of the U.S. presidential election and will continue through June. After the primaries conclude, both the Democratic and Republican parties will hold national conventions to formally nominate their presidential and vice-presidential candidates. This year’s general election voting day is November 5. As the U.S. presidential campaign continues, Trump will remain a dominant focal point of public attention, and Trump-related crypto assets are likely to maintain long-term speculative potential.
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