Former President Donald Trump has taken the cryptocurrency sector by storm with a change of stance and pro-Bitcoin stance ahead of the 2024 election.

With the new comments, meme coins related to the former president and NFTs released by Trump previously have soared in value.

What Happened: After previously dismissing the value of Bitcoin, Trump is now ready to embrace the sector and is using the sector as a campaign promise to appeal to cryptocurrency fans ahead of the election.

Trump has told his supporters to "build a crypto army," a response to Senator Elizabeth Warren previously building an anti-crypto army.

The former president also began accepting campaign donations in Bitcoin and other cryptocurrencies, becoming the first presidential candidate from a major party to do so in the U.S.

The pro-crypto stance has led to a surge in buying activity and valuation for Trump's first NFT collection, which was released in December 2022.

The collection, titled Trump Digital Trading Cards, were offered for $99 and the 45,000 unit collection quickly sold out.

On May 8, ahead of Trump's pro-crypto speech, the floor price of the collection was 321.75 MATIC on Magic Eden. After Trump's comments, the collection quickly spiked up in value.

Today, the floor price on Magic Eden is 625 MATIC, or around $457.94 based on a price of $0.7327 for Polygon at the time of writing.

This represents a gain of 94.2% over the last 20 days. The collection is also up over 360% from the mint price of $99.

What's Next: Trump has released three NFT collections, with his second collection offering 47,000 additional NFTs and a third collection highlighting his viral mug shot.

While NFT trading has slowed across many collection, the Trump NFTs remain volatile around major events related to the former president.

Previously, the NFTs have shot up in value based on election outcomes like other Republican candidates dropping out of the race and around trials and federal charges related to Trump.

A highly publicized hush money trial alleging Trump falsified business records is nearing its conclusion in New York this week with the jury likely to begin deciding the outcome on Wednesday.

With the collection often volatile around trials, NFT investors and holders are likely eagerly awaiting the conclusion and a likely not guilty or guilty verdict from the jury.

Trump Media & Technology Group Corp shares have also been volatile related to Trump events and trials. Shares of the Trump-owned media company were up 9% to $48.91 on Tuesday.

Source : Benzinga / May 28, 2024