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MAGA’s market capitalization grew significantly after Trump recently came out in support of Bitcoin (BTC) and other digital assets.
One of the rapidly rising meme coins, MAGA (TRUMP), has broken above the $500 market capitalization and is now ranked among the top 250 digital assets on CoinMarketCap. The meme cryptocurrency has significantly grown in popularity after former United States President Donald Trump disclosed support for crypto.
The MAGA (TRUMP) cryptocurrency currently has a market cap of $556 million and, as of 5:40 a.m. ET Monday, a price of $12.50, up more than 11%, and a circulating supply of 43,997,357 TRUMP tokens with a total supply of 46,502,452 TRUMP.
The trading volume of the meme token rose 74.26% in the past 24 hours, standing at $35 million, with the possibility of higher numbers in the near future as election day nears in the United States.
The MAGA (TRUMP) meme coin is based on billionaire and 2024 presidential candidate Donald Trump’s ‘Make America Great Again’ philosophy. He was seen wearing a red hat with the words printed on it multiple times during his campaign, and perhaps he will see more of the same in the near future.
According to social media posts, the former US president spent $325,699.88 during his 2016 campaign on these hats, which resulted in the creation of the meme cryptocurrency MAGA that can be bought and traded on exchanges like BitMart, which has the most active trading pair TRUMP/USDT with a trading volume of $1,011,897 in the last 24 hours.
MAGA Reacts to Trump’s Support for Crypto
It is important to note that MAGA’s market capitalization grew significantly after Trump recently came out in support of Bitcoin (BTC) and other digital assets, signaling a complete 180 from his earlier stance on cryptocurrencies. The crypto community on X was buzzing with excitement as the meme coin broke above the $500 million valuation.
Some meme coin enthusiasts even predicted that MAGA would reach billions in valuation as the election period continues in the United States.
In a statement on social media platform Truth Social, Trump stated that he is “very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry”, while adding:
“OUR COUNTRY MUST BE THE LEADER IN THE FIELD. THERE IS NO SECOND PLACE. CROOKED JOE BIDEN, ON THE OTHER HAND, THE WORST PRESIDENT IN THE HISTORY OF OUR COUNTRY, WANTS IT TO DIE A SLOW AND PAINFUL DEATH. THAT WILL NEVER HAPPEN WITH ME!”
On the other hand, back in 2019, Trump stated that he is not a fan of Bitcoin and other cryptocurrencies, stating that they are not money, “highly volatile, and based on thin air”.
The billionaire’s support for digital assets has pushed the prices of Trump-themed meme coins sky-high, and as per data by Nansen, some addresses are “raking profits at peaks, with over 1,600% in unrealized gains.”
