MAGA (TRUMP) meme coin is a cryptocurrency inspired by the former US president Donald Trump. However, now that Trump is again running for the president’s chair with the elections looming up in November, this enigmatic crypto has been showing a rapid price action, soaring and taking new highs pretty quickly.
It is important to note that Donald Trump himself has no direct connections to this meme PoliFi token, although it is quite obvious that his name has been the original reason of why this coin caught investors’ attention and gained traction on the market with users that support the former US president.
What is MAGA and How Did It Come About? Donald Trump Turns Pro-Crypto
MAGA stands for “Make America Great Again” – Trump’s slogan from the past when he won the elections in 2017. While the TRUMP coin was created in 2018 by an unknown group of Trump’s supporters, until this year, it seems to draw value mostly from social media hype and uneven crypto community sentiment rather than from fundamentals that impact prices of regular financial assets on the market.
The coin was issued in a 46.5 million supply and currently has a market capitalization of $594,400,076 ranked 228 on the popular cryptocurrency data providing platform CoinMarketCap. Currently, there are 43,997,357 TRUMP coins circulating in the cryptocurrency market.
In late May, the coin saw a major price increase thanks to several drivers. Overall, the biggest of them this year is public sentiment and news related to Donald Trump and his election campaign. Recently, Trump made a pro-crypto statement as he began to accept various cryptocurrencies as donations to support his political campaign.
That list includes not only top cryptocurrencies, such as Bitcoin and Ethereum, but also small altcoins, like Solana and meme cryptos Dogecoin and Shiba Inu. Curiously, this year the actual Donald Trump received a donation in MAGA worth almost $5 million – the crypto was sent to a wallet directly linked to him.
He also promised that if he is elected, the first thing on the first day of his presidency, he would commute the two life-time prison sentences of the founder of the Silk Road marketplace on the Darknet, Ross Ulbricht. He did not provide details of his plan here, however, many cryptocurrency fans who believe that the two lifetime prison terms are too much for the Silk Road founder, were ecstatic after that statement.
After these public announcements, the TRUMP price increased sharply as they suggested that a potentially favorable environment would be established for cryptocurrencies should he become president.
Ulbricht responded to Trump’s statement by publishing a post on X: “Last night, Donald Trump pledged to commute my sentence on day 1, if reelected. Thank you. Thank you. Thank you. After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.”
As this price surge took place, an anonymous trader managed to make a profit of $2.7 million, trading MAGA within just three days. Speculative trading works as one of the key price drivers for this cryptocurrency.
Curiously, during his presidential term of 2017-2021, Trump made rather negative public statements about Bitcoin and cryptocurrencies in general. In June 2021, in an interview, Trump referred to Bitcoin as a scam and suggested that BTC should be regulated very severely.
MAGA’s Lightning-Quick Price Surges in 2024
Another important factor for MAGA’s bullish price drive is its supply and demand aspect. Since it has slightly less than 47 million, it is a perfect candidate for a scarce asset in the future (the most scarce cryptocurrency – Bitcoin – has a supply limited to 21 million and it becomes more scarce every four years thanks to halvings).
TRUMP’s small (compared to other altcoins) supply could also serve as a bullish price driver. Besides, many of Trump’s potential voters are likely to be buying MAGA in order to show support for him as a presidential candidate they favor.
The coin saw an amazing price surge in the winter-spring this year. In early January, TRUMP was trading below $0.5, however, at the start of April the price jumped to a first all-time high this year – $10.7. Between May 8 and June 1, the coin’s price swung up from $4.5 to a whopping $17.21 per coin with the daily trading volume soaring from roughly $3 million to $29.66 million. Currently, the coin is trading at $13.63 after growth of more than 8% in the last 24 hours.
MAGA Price Prediction for 2024
Experts believe that should Trump win the elections in November against the current president Joe Biden, this may drive a large wave of speculative demand for MAGA (TRUMP) with his pro-crypto statements only increasing that probability. Still, should Trump lose the elections, this is likely to have a massively negative impact on the MAGA meme coin’s price and demand for it.
Analysts predict that just within one month from now, TRUMP coin can soar more than double from now, reaching $43 per coin. Therefore, if Donald Trump does win the election at the end of the year, the price surge could be more than significant and much bigger than that prediction.
