Doland Tremp (TREMP) and Super Trump (STRUMP) bounced back on Wednesday morning as cryptocurrencies stabilized. STRUMP rose by over 18% to $0.01538 while TREMP jumped by over 23% to $0.8015.
These tokens recovered as part of the ongoing altcoin rally. Some of the other top performers were the likes of MAGA Hat (MAGA) Apu Apustaja (APU), Mother Iggy (MOTHER), and Ben the Dog.
The Super Trump token jump happened in a high-volume environment, with the 24-hour volume soaring to over $4.4 million from the previous $2.9 million. MAGA Hat’s volume jumped to over $111.5 million while Doland Tremp soared to over $20 million.
The primary catalyst was Bitcoin’s recovery above $62,000 after crashing to $58,400 on Monday. In most cases, Bitcoin is the main driver of the performance of other altcoins, including meme coins.
Trump tokens are experiencing a surge in anticipation of the upcoming debate between Donald Trump and Joe Biden, scheduled for Thursday. With Biden as the incumbent and inflation posing a challenge, many analysts are speculating that Trump’s performance in the debate could be a market-moving event.
Recent data also shows that despite the close numbers, Trump was leading in the polls. A poll by YouGov showed that Trump had 50% of the vote compared to Biden’s 49%. A separate one by Morning Consult had the two tied at 44%.
More positive polls on Trump could push these PolitFi tokens, such as TREMP, STRUMP, and MAGA Hat, higher in the coming days.
Still, it is unclear whether these gains in the altcoin market will hold since this rebound could be part of a dead cat bounce. A dead cat bounce is when investors buy and dump a falling asset within a few days.
The risk of a potential bounce has been amplified due to the formation of a double-top chart pattern by Bitcoin, which indicates a possible downturn in the coming days.
Further, there is a risk that the US will publish strong Personal Consumption Expenditure (PCE) data on Friday. This number, which is the Fed’s favorite inflation gauge, could impact the Fed’s actions later this year. Signs of more hikes will likely push these tokens sharply lower.
However, analysts believe that MAGA Hat, STremp, and STrump will do well before the US election. This trend will accelerate, especially when polls show that Donald Trump will win the election.
