Donald Trump-themed cryptocurrencies surged as World Liberty Financial announced a new governance token.

Fight to MAGA (FIGHT) led the charge with a massive surge of over 150%, pushing its valuation to $10.3 million. TrumpCoin (DJT) also saw a strong rally, climbing 28% to reach $0.00032, its highest since Aug. 7, with daily trading volumes near $1 million. Meanwhile, MAGA (MAGA) rose by 18% over the past day, with a daily trading volume of $11.48 million.

All these gains helped push the total market cap of political-themed tokens past $481 million. Meanwhile, the community sentiment around the tokens had also turned bullish according to Coinmarketcap data.

These tokens rallied after Donald Trump’s crypto initiative, World Liberty Financial, announced its plans to release a governance token named WLFI.

WLFI has been advertised as a non-transferable governance token, allowing holders to propose and vote on platform-related matters. Approximately 63% of the total token supply is designated for public sale, with 17% for user rewards, and the remaining 20% for the team and advisors.

While the token’s launch date remains undisclosed, the project team has confirmed that sales will be limited to accredited investors.

Despite the rise on Sept. 17, political-themed tokens have been experiencing a downturn, with their total market cap now down to $481 million.

These tokens tend to gain prominence during election seasons, potentially losing much of their relevance after the elections conclude. Traders often refer to these as “event coins” because their prices are influenced as the date of the related event approaches.

However, in the short term, these coins could see further gains if Bitcoin (BTC) breaks past its previous high, as meme coins often thrive during Bitcoin’s bull runs. Factors that could drive Bitcoin’s price higher include possible cuts in Federal Reserve rates, a weakening US dollar, and a continuing stock market rally.

Indian police are investigating the “Datameer” crypto trading app, which allegedly duped at least 700 locals out of inr 10 million.

According to a local report, the scheme promised returns of up to 50% to unsuspecting investors who were told their funds were being invested in cryptocurrencies.

Once the investors transferred their money through the fake app, the app shut down, and the scammers disappeared. During the time it was active, the scam managed to dupe investors of more than inr 10 million (roughly $119,000).

India has witnessed a spike in crypto demand despite a lack of solid crypto regulations, and a punishing taxation regime, with the nation managing to claim the top spot in Chainalysis’ 2024 Global Crypto Adoption Index. However, this growing appetite for cryptocurrencies has opened doors for scammers who are exploiting the hype.

The Datameer app, which reportedly surfaced in April 2024 and was active for five months, managed to draw in both small and large investments, Superintendent of Police and Cyber Wing head, Pankaj Kumar Rasgania, noted.

“The scammers lured gullible individuals through social media, encouraging them to invest in a scheme with promises of huge returns in a short period of time,” he added.

Preliminary investigations suggest that the perpetrators behind the app are spread across the country, with some evidence pointing to connections in Hong Kong. Authorities are currently coordinating with cyber wing experts from police forces nationwide, and more information will be disclosed as the investigation progresses.

Scams such as these have raised concerns due to their potential international links, particularly to regions in China. Similar connections have previously surfaced in other cases investigated by Indian authorities.

Back in March, the Enforcement Directorate (ED) filed a charge sheet against 299 entities, including individuals of Chinese origin, under anti-money laundering laws. These entities were tied to a mobile app called “HPZ Token,” which allegedly duped investors with promises of high returns from cryptocurrency mining.

In another case, crypto scammers tricked a doctor in India into transferring over $35,000 in a drugs-in-parcel scam. Authorities found that the stolen funds were funneled through multiple bank accounts, swapped for cryptocurrencies, and transferred to accounts in China and Taiwan.

A rebound push last week saw the global cryptocurrency market cap recover $180 billion amid a 9% surge in valuation. As a result, the crypto market cap recovered the $2 trillion mark to end the week at $2.1 trillion.

Following their impressive contributions to this rally, here are some top cryptocurrencies to watch this week:

BCH crossed 20-day MA

Bitcoin Cash (BCH) surged 9.36% last week, securing its place above $300. Although it faced a minor correction, it closed the week at $327, maintaining an upward trajectory.

Despite the price rise, the BBTrend — or Bollinger Band Trend — remains bearish, signaling weakness in the uptrend.

Volume peaked on Sept. 11, but has since declined, even as the price climbed. This divergence between price and volume could indicate a lack of buying strength. Therefore, the rally may lose steam without renewed volume support.

BCH crossed above the 20-day moving average ($319) on Sept. 11, which now serves as a key support level. If the uptrend continues, BCH could target $340 or $350. 

However, a dip below $319 may signal a retest of $300 or lower. Investors should watch for volume increases to sustain upward momentum.

Bitcoin Cash was developed by a group that believed Bitcoin should be used more as a peer-to-peer digital cash system, as outlined in Satoshi Nakamoto’s original whitepaper, rather than as a store of value or “digital gold,” which has been Bitcoin’s main use case.

ELON performs below par

Dogelon Mars (ELON) gained 6.11% last week, performing below the broader market but managing to stay in the green.

The meme coin spent most of the week below the 20-day moving average ($0.00000012566) until the final day, closing at $0.00000012776.

Currently, ELON is positioned above the 20-day moving average (middle Bollinger Band) and the lower Bollinger Band ($0.00000011944), but below the upper Bollinger Band ($0.00000013075). This suggests it still has room to rise before hitting resistance at the upper band.

The RSI at 46.39 indicates that ELON is not overbought, signaling potential upside momentum. If the bullish trend continues, expect resistance around $0.00000013075, with support at $0.00000011944. 

If it breaks above the upper Bollinger Band, ELON could push higher, but failure to hold above the 20-day MA might lead to a retest of lower levels.

ELON pays homage to both Dogecoin and Elon Musk, whose rocket company — SpaceX — is reportedly working on designs for a Martian city,

CKB tops gainers list

Nervos Network (CKB) was the top performer last week, soaring by 117% to close at $0.01449.

The dramatic rally began on Sept. 13, with a massive 51% intraday spike, the largest gain since February. 

This momentum carried into the new week, with CKB peaking at $0.01762 before pulling back slightly. The Fibonacci pivot levels show immediate resistance at $0.01351, which CKB has surpassed, with support at $0.00845 (pivot) if a retracement occurs. 

The Commodity Channel Index reading of 369 signals extreme overbought conditions, suggesting that while the uptrend is strong, a short-term correction could be on the horizon.

Should a correction happen, investors should look for support around $0.00845, the pivot point.

If CKB maintains its bullish momentum, a breakthrough above its three-month high could trigger further gains. However, watch for consolidation or pullback given the overextended CCI.

The Nervos Network was created by a team of blockchain developers and entrepreneurs with expertise in cryptography. The core team includes co-founders Jan Xie, Terry Tai and Kevin Wang.

The Nervos Common Knowledge Base (CKB) acts as its Layer 1 blockchain.