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Former President Donald Trump may have been booed and ridiculed for his appearance at the Libertarian Party convention, but the political meme coin got him a shot in the arm.
The Trump-themed MAGA Hat (MAGA) cryptocurrency has soared more than 150% in the past 24 hours, while the MAGA (TRUMP) meme coin is up slightly by 12.7% overnight.
Interestingly, the ConstitutionDAO (PEOPLE) token also rose by 4.7%. Originally created as a governance token for the now-defunct DAO with the goal of purchasing copies of the U.S. Constitution at auction, it has now become a de facto political-themed meme coin, with no utility once the project “goes”.
After President Trump attended the Libertarian National Convention and saw the crowd continue to boo him throughout his speech, the prospective Republican candidate took to his social media platform, Truth Social, to highlight the “passion” of the crowd.
In his speech, President Trump promised to commute the sentence of Silk Road founder Ross Ulbricht if elected. Silk Road was a peer-to-peer darknet marketplace that used Bitcoin to facilitate the sale of drugs and other illegal substances. Ulbricht was sentenced to two life sentences without parole in 2015 for money laundering, fraud and drug charges.
This isn’t the first time Trump has pondered Ulbricht’s situation. Following his 2020 election loss, he reportedly considered granting the Silk Road founder clemency as part of a round of pardons ahead of Joe Biden’s inauguration in January 2021. But he didn’t do that.
In his speech, Trump sought to position himself as a cryptocurrency-supporting candidate, pledging to end Joe Biden’s “cryptocurrency crushing campaign” and block the creation of a U.S. central bank digital currency (CBDC).
Edited by Stacey Elliott.
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