Memecoins inspired by former and current U.S. presidents Donald Trump and Joe Biden have surged in the past 24 hours.

The Trump-inspired memecoin MAGA (ticker: TRUMP) rose by over 44% during this period, according to CoinGecko data. Meanwhile, Jeo Boden (ticker: BODEN), a misspelled reference to incumbent President Joe Biden, increased by more than 22%.

According to Wintermute analysts, "fast money is observed within the memecoin sector, which has led to sector out performance over the last 7 days."

The Block’s GMCI Meme index, comprising the leading memecoins by market capitalization, has rallied by nearly 9% in the past week.

According to CoinGecko’s memecoin market …