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Memecoin 'TREMP' Soars After Donald Trump's Comments — But What's the Backstory?

2024-05-14 09:32:33

TREMP, a new memecoin inspired by Donald Trump, surged in price hours after the former US president gave some positive remarks on cryptocurrencies on May 8. A token that was released two months ago has now pumped 53.43% in just the last seven days.

Although it's common to see certain memecoins pump when a public figure comments on them, this price surge is something new to witness in the market. Curious to know what's different about TREMP's pump? Here's the backstory.

Brief History and Background

Doland Tremp, or shortly TREMP, is built on the Solana blockchain and was officially issued on February 27, 2024. As the name suggests, the memecoin came out as a joke around the former US president and current presidential candidate Donald Trump.

Initially, the coin didn't record any considerable price surge until Donald Trump disclosed on Wednesday that he would accept cryptocurrency donations for his campaigns. TREMP's price began to soar as soon as the news went viral, unlike any other memecoin during that time. This gives a signal toward a new politically-driven memecoin category that could unfold in the market.

TREMP has already set the stage for many upcoming memecoins that revolve around political figures, celebrities, or notable pro-crypto personalities. Previously, we have seen the price of Dogecoin (DOGE) surge multiple times with the tweets of X's CEO, Elon Musk. Although the billionaire never mentioned DOGE explicitly in his tweets, his general remarks about cryptocurrencies would almost always fuel the price of the dog-faced memecoin.

In the same way, Donald Trump didn't make any comments on TREMP itself. In fact, he might not even know about a memecoin floating in the market with his name. However, his positive remarks on utilizing crypto to fund his campaigns were still enough to witness a significant price surge in this new memecoin, if not any other.

The Price of TREMP Rise on CoinEx

The Price of TREMP Rise on CoinEx. TREMP started trading at a price of $0.1381 when listed on CoinEx on March 13, 2024.

TREMP started trading at a price of $0.1381 when listed on CoinEx on March 13, 2024. The current price chart shows that the memecoin has already pumped more than 83% in its price. Unlike other popular memecoins, such as Shiba Inu (SHIB) and PEPE, TREMP trades at a far higher price even with a total supply of 1 billion tokens.

Although only 9.99% of this supply is currently in circulation, the coin boasts a circulating market cap of $47M+ at press time. The trading volume of TREMP also rose to $450.64K in the last 24 hours alone.

At the same time, it is noteworthy that memecoins generally have no intrinsic value, as they are only driven by events and sentiments floating in the market, and the same goes for TREMP.

However, the memecoin is also eyeing the upcoming 2024 presidential elections. Now that the project has come into the limelight, many short-term profit seekers might hold onto it for some easy gains, but with caution, of course. If you're interested in trading cryptocurrencies, the best place to get outstanding volatility and prices is CoinEx.


*This article does not constitute investment advice.

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