TrumpCoin (DJT) surged on Wednesday following the news of Donald Trump’s participation in the Bitcoin 2024 Conference. The announcement propelled the token’s price by over 55% while other Trump-inspired memecoins increased by nearly 20%.
On July 10, Former US president and Republican candidate Donald J. Trump was officially announced as a keynote speaker at the Bitcoin 2024 Conference. The Bitcoin Conference will occur in Nashville, Tennessee, between the 25th and 27th of July.
Crypto-friendly Independent Presidential Candidate Robert F. Kennedy Jr. will also participate in the upcoming event. Moreover, former pro-crypto Republican candidate Vivek Ramaswamy will join the largest Bitcoin conference in the world as a keynote speaker.
The CEO of Bitcoin Magazine, the organizer of The Bitcoin Conference, expressed his enthusiasm for Trump’s participation. “July 27th we change the course of history,” David Bailey stated in an X post.
The news of Trump’s involvement in the event was well-received by many industry figures. However, other industry members and investors questioned Trump’s intentions. CryptoQuant’s CEO Ki Young Ju wondered whether the former US president’s efforts were genuine:
Is this a strategy to gain votes, or is it a genuine effort to make the United States a Bitcoin nation? Does anyone know?
Despite the skepticism, the crypto community seems optimistic about the news, as Trump-inspired tokens soared last night.
TrumpCoin’s price quickly reacted to the news, skyrocketing 55%. The token hit the $0.013 resistance level for the first time since June 27, according to DexScreener data.
DJT saw a controversial launch nearly a month ago after online reports claimed TrumpCoin was the “official” Trump token. As a result, many investors sold most of their Trump-inspired memecoins, making them crash around 30%.
At the time, Martin Shrekli, also known as “Pharma Bro,” claimed that the token was officially related to Trump’s camp. Shrekli stated that Barron Trump, son of the former US president, was closely involved with TrumpCoin.
However, it was later revealed that Shrekli was behind the token. Crypto sleuth ZachXBT exposed the scheme on X, uncovering the truth before Shrekli admitted his involvement in an X Space.
Since then, DJT’s price has gone on a descending trajectory. The token has seen a 33% decrease in the last two weeks. However, it registers a 10% increase from its price 24 hours ago, currently trading at $0.0086.
Other Trump-inspired memecoins also surged after the news. MAGA (TRUMP) rose from the $5.74 to the $6.54 price range in the following hours. The price action represented a 15% and 39.5% surge in the daily and weekly timeframes.
Similarly, MAGA Hat (MAGA) registered a 20% price increase, going from trading at $0.00015 to $0.00018. MAGA’s performance saw a 50% increase from its price a week ago.
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