Several Donald Trump-themed tokens on Ethereum, Solana and other networks spiked as much as 100% in the past 24 hours as crypto fund Mechanism Capital said such tokens were its first positions of 2024. “Mechanism Capital has accumulated its first new positions of 2024,” founder Andrew Kang said in an X post. Those positions are a bet on news cycles and attention on Trump in the coming months ahead of the U.S. Presidential elections, Kang said, and meme tokens are a way to profit from the hype. These tokens have a market capitalization of over $90 million and saw $3.3 million in trading volumes in the past 24 hours, DEXTools data shows.
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