Trump-Themed Memecoins Surge Double Digits Ahead of Inauguration Week

Key Takeaways

• Trump-inspired memecoins experience a resurgence as sentiment and indicators signal a further uptrend.
• The prices of MAGA Hat, DOGE, and TRUMP have all increased by huge figures in the last seven days.
•  This analysis reveals the potential target of the memecoins with the presidential inauguration coming.

For years, the political space influence has had minimal influence on the crypto market. However, this changed in 2023 when U.S. political parties began recognizing crypto as a sector worth serious attention.

This newfound interest gave rise to PolitFi memecoins — tokens tied to some of the leading candidates for the White House seat.

As the November 5, 2024, election drew closer, statements from candidates such as Kamala Harris and Donald Trump significantly impacted these tokens’ prices.

Following Trump’s election victory, many tokens associated with Harris and the current administration faded into obscurity. Trump-themed memecoins also faced steep declines but have seen a resurgence with the January 20 inauguration.

Here’s a look at how Trump-themed memecoins are performing and what might be next for them.

MAGA (TRUMP)

MAGA, an acronym for Trump’s slogan Make America Great Again, was one of the first memecoin to be launched concerning the elections. This happened because the incoming president was one of the first few candidates to lean toward finding favor with the crypto community.

Launched in mid-2023,  TRUMP’s market cap once surpassed $700 million. Its price also reached an all-time high of $17.51 in June 2024. However, as of this writing, the memecoin’s value is significantly down from those peaks.

However, the price has increased by 16.7% over the last 24 hours. This increase is because multiple sources expected Trump to announce some pro-crypto policies on inauguration day.

From an on-chain standpoint, the Weighted Sentiment around TRUMP has risen to the positive region. This rise signifies that most comments related to the memecoin are bullish.

Hence, if this trend continues, TRUMP’s price might trade higher than $3.40 soon. On the daily chart, the Chaikin Money Flow (CMF) has risen to $0.22.

The rise in the CMF indicates a rise in the accumulation of the memecoin. If sustained, this could drive TRUMP’s price higher.

Like the CMF, the Moving Average Convergence Divergence (MACD) has moved to the positive region. This indicates bullish momentum around the token.

Should these indicators hold these levels, TRUMP’s price might climb to $4.57 at the 0.786 Fibonacci level. However, if the CMF reading drops and momentum turns bearish, the inauguration could be a “sell the news” event.

In that case, the memecoin’s value might slide to the 0.236 Fib level at $2.18.

Department of Government Efficiency (DOGE)

Second on the list of Trump memecoins is DOGE. It is important to note that DOGE is different from the widely-known Dogecoin.

However, in a way, it is still tied to Elon Musk and Donald Trump. This is because the PolitiFi memecoin launched because of the intended introduction of the  Department of Government Efficiency ideated by Musk.

Interestingly, Trump seems to have given the greenlight for the department’s establishment. With the inauguration coming up, DOGE’s price has increased by 18% in the last seven days.

A look at the 4-hour chart shows that the Relative Strength Index (RSI) continues to rise. This rise suggests bullish momentum.

The chart below also shows that DOGE has established a strong support of around $0.14. Hence, the price might continue to climb.

If this trend continues, the memecoin’s value could rise to $0.27, moving closer to its all-time high of $0.52.

On the flip side, the Department of Government Efficiency token could experience correction if reports confirm that Trump will overlook the crypto statement on Jan. 20. If that happens, the token’s value might drop below the $0.14 support.

MAGA Hat (MAGA)

Like MAGA (TRUMP), MAGA Hat also came to be because of Trump’s slogan. The hype around Trump’s potential victory and support for the crypto industry led the token’s market cap to surpass $200 million in May 2024.

But as of this writing, the market cap is below $50 million. Despite that, MAGA’s price has increased by 10% in the last 24 hours and 25% within the past week.

For several months, MAGA traded within a descending channel. But it eventually broke out on Jan. 15, indicating the correction is over.

The recent rise also ensured that MAGA climbed above key Exponential Moving Averages (EMA). As seen on the 4-hour chart, the price is above the 20 EMA (blue) and 50 EMA (yellow)

The 20 EMA has also crossed over the 50 EMA, forming a golden cross and validating the bullish thesis. If this trend continues, then MAGA’s price could soar above $0.00014.

However, this trend might change if the shorter EMA slides below the longer one. The Trump-themed memecoin might experience a drawdown toward $0.000089 in that scenario.