Trump’s Libertarian Convention Speech Boosts Political Meme Coins

Former U.S. President Donald Trump’s appearance at the Libertarian National Convention might not have been warmly received by all attendees, evidenced by the heckling and jeering he faced, yet it notably invigorated the political meme coin market. Within 24 hours following his speech, the Trump-themed MAGA Hat (MAGA) cryptocurrency recorded a substantial surge of over 150%, while the MAGA (TRUMP) meme coin saw a more modest increase of 12.7%.

Another unexpected beneficiary was the ConstitutionDAO (PEOPLE) token, which climbed by 4.7%. This token, initially part of a project aimed at purchasing a copy of the U.S. Constitution, has since transitioned into a politics-themed meme coin following the dissolution of the original DAO.

Despite the mixed reactions during his convention speech, Trump portrayed the event as a display of enthusiasm on his social media platform, Truth Social. In his address, he reiterated his support for the cryptocurrency sector, declaring his intention to halt what he termed President Joe Biden’s “crusade to crush crypto.” Trump also expressed opposition to the development of a U.S. central bank digital currency (CBDC).

A significant highlight of his speech was his promise to commute the sentence of Ross Ulbricht, founder of the infamous darknet marketplace Silk Road. Ulbricht is currently serving two life sentences without the possibility of parole, following convictions on charges including money laundering, fraud, and drug distribution. Trump’s consideration of Ulbricht’s case isn’t new; he reportedly contemplated clemency for Ulbricht following his 2020 electoral defeat but ultimately did not grant it.

Trump’s attempt to align himself with pro-crypto sentiments and his specific pledge regarding Ulbricht were aimed at rallying support within the crypto community, especially among those who advocate for more libertarian policies and reduced government intervention in digital currencies.

Trump’s controversial speech at the Libertarian National Convention may have had mixed receptions but undeniably played a role in influencing the cryptocurrency market, particularly among tokens associated with political figures and themes. This event underscores the complex interplay between politics and cryptocurrency markets, where statements and promises can swiftly affect investor sentiment and market dynamics.