Following the release of the Fed minutes and the heated discussions at the Jackson Hole Symposium, cryptocurrencies have maintained their upward momentum. Bitcoin, which has managed to stay above $60,000, is now eyeing the $62,000 resistance level.

This bullish sentiment in Bitcoin has provided a tailwind for altcoins, especially memecoins, which have seen gains of over 20% in the past week.

Here are the top-performing altcoins today:

Sun Token (SUN): As the native token of Tron’s decentralized exchange, Sun (SUN) has seen a remarkable 50% increase in the past 24 hours. The launch of Justin Sun’s memecoin platform has further boosted SUN’s momentum. With a trading volume of $522 million and a market capitalization of $230 million, SUN is undoubtedly a standout performer.

Popcat (POPCAT): This Solana-based memecoin has gained nearly 30% in the last 24 hours. Listed on Binance futures, POPCAT has been on a roll for the past two days. With a trading volume of $165 million and a market capitalization of $600 million, POPCAT is a force to be reckoned with in the memecoin space.

Tellor Tributes (TRB): This decentralized finance (DeFi) project, which was a star performer in the previous bull run, has surged 20% in the past 24 hours. With a trading volume of $66 million and a market capitalization of $183 million, TRB is making a strong comeback.

Maga (TRUMP): Inspired by US presidential candidate Donald Trump, this anonymous memecoin has gained 20% in the past 24 hours. Over the past week, MAGA has seen a 35% increase in value.

Io.net (IO): Launched in 2024, Io.net has been making waves in the tech and AI sectors. The token has surged 19% in the past 24 hours, reaching a market capitalization of $193 million with a trading volume of $244 million.

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DJT Token Rumors Start Market Chaos

Despite all the excitement, Donald Trump’s campaign has not verified the token release. Blockchain companies like Bubblemaps appear to have no real connection to the presidential contender. According to Bubblemaps, 43% of the whole supply comes from Solana-based automated market producer Raydium, while roughly 67% of the supply is in one cluster.

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The stories generated notable market action. Based on CoinGecko data, Trump dropped 31% to $7.46 inside a four-hour window following the rumors. Since the news, the Make America Great Again-themed Trump market cap has seen more than $150 million wiped out.

Effect on Current Trump-Themed Memcoins

Less valuable Trump memecoins suffered even more. From $0.95 to $0.60, the Solana-based Donald Tremp (TREMP) memecoin dropped 36.8%. Then it rebounded to $0.76 in a comparable period. Fascinatingly, the Jeo Boden (BODEN) token connected to Joe Biden, the major presidential competitor of Trump, dropped almost 22% too.

On June 18, DJT shot to a $120 million market capitalization, yet until recently it was hardly known. Data from Birdseye, however, indicates that April 22 was the first DJT token production date.

Industry Doubt and Awaiting Verification

Several business leaders have voiced annoyance at the suspected reasons behind the token release, even while Trump’s confirmation is awaited. With the approaching presidential contest, candidates including Trump, Biden, and Robert F. Kennedy Jr. began paying the sector greater attention.

Particularly with regard to memecoins connected to well-known people, the uncertainties and rumors about the DJT token draw attention to the volatility and speculative character of the bitcoin market. Investors and industry observers wait for government comments; meanwhile, the market responds to the changing news and attitude.

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