- MOG TRUMP surged by 50%, thanks to the support around former President Trump.
- Trump Jr. announced a DeFi platform to address banking inequality, distinct from typical memecoins.
Amidst the broader market recovery, MOG TRUMP [TRUMP] has surged over 50% in the past 24 hours, according to CoinGecko.
MOG TRUMP crypto rises
Trading at $0.04075 at press time, this memecoin’s rise has been fueled by former President Donald Trump’s continuous support for cryptocurrency during his election campaign.
Despite its rank of #713 on CoinGecko as of the 9th of August, MOG TRUMP has made headlines due to its significant 24-hour hike.
It outpaced top memecoins like Dogecoin [DOGE], Shiba Inu [SHIB], and Bonk [BONK], which have seen only single-digit gains in the same period.
This sudden hike is not only because of President Trump, but also because his family has made headlines by stepping up their support for cryptocurrency on social media.
One of the recent being Donald Trump Jr.’s post on X (formerly Twitter), which said,
Source: Donald Trump Jr./X
Trump family’s moves
This was followed by Donald Trump Jr announcing plans to launch a new decentralized finance (DeFi) cryptocurrency platform designed to tackle inequality in banking access.
Unlike a typical memecoin, this platform aims to create meaningful change within the financial sector.
During a Q&A session on the subscription-based platform Locals on the 8th of August, Trump Jr., the eldest son of presidential candidate and former President Donald Trump, stated,
“What we’re talking about is a larger type of platform.”
He argued that the existing banking system is inequitable, limiting access to financing for many individuals.
Through the creation of a DeFi platform, Trump Jr. aims to provide an alternative to traditional banks, broadening access to financial services for a wider range of people.
However, the initiative is still in its infancy, and it could take a considerable amount of time before it becomes fully operational.
How it all started
Tracing back to when it all began when Eric Trump, Donald Trump Jr.’s brother, hinted at a significant upcoming development in the cryptocurrency and decentralized finance (DeFi) sectors.
Source: Eric Trump/X
Tagging the official accounts of The Trump Organization, his father Donald Trump, and his older brother, Donald Trump Jr., Eric Trump sparked speculation about the possibility of the Trump family introducing their own memecoin during the election season.
However, the lack of discussion around the issue suggests this speculation may be unfounded.
Following this, Donald Trump Jr. took to X and said,
“We’re about to shake up the crypto worldwith something HUGE.Decentralized finance is the future—don’t get left behind.”
Community reaction and Polymarket impact
That being said, all these efforts did not go unnoticed, as highlighted by an X user named Chairman, who remarked,
“Bitcoin going to a million if Trump wins.”
At the same, time, another X user- Bororvik stopped in and claimed,
Source: Borovik/X
However, with Polymarket prediction data now showing Trump slipping to second place behind Kamala Harris, the outcome remains highly uncertain.
Source: Polymarket
