The newly launched meme coin called MAGA, inspired by former US President Donald Trump, has experienced a significant rise following Trump’s recent comments regarding Bitcoin and cryptocurrency. This increase highlighted the continued influence of high-profile figures in the volatile altcoin market. On the other hand, it raises questions about the future of MAGA and its connection to Trump. Here are the details…
Altcoin rose 20 percent
Last Friday, altcoin MAGA surged 20%, eclipsing the returns of established meme coins like Dogecoin and Shiba Inu. Each of these cryptocurrencies increased by only 2% during the same period. This impressive climb coincided with Trump’s appearance on Laura Ingraham’s “The Ingraham Angle” show on FOX News, where he took a more relaxed stance towards Bitcoin.
Previously skeptical, Trump acknowledged Bitcoin’s growing popularity in business transactions, saying: “A lot of people are embracing it (Bitcoin)… I’m seeing more and more people wanting to pay using it.” He even acknowledged that Bitcoin “has taken on a life of its own,” although he advocates for necessary regulation.
Meme coin broke a record
Most importantly, MAGA, which was launched in August 2023 with the slogan “Make Crypto Great Again,” has no official connection to the former US President. Despite this, the recent rally appears to be directly linked to Trump’s newfound Bitcoin optimism.
Meme coin reached a new all-time high of $5.4991 before experiencing a pullback. It is currently trading at $4.6691. This increase represents a continuation of MAGA’s impressive performance since the beginning of 2024. It started the year at $0.29. That is, it has achieved a meteoric rise of over 2,100% in less than two months.
What happened?
On Wednesday’s television show “The Ingraham Angle” on Fox News, Host Laura Ingraham asked Trump if he would consider supporting Bitcoin. She pointed out Bitcoin’s decentralized structure and the interest it has garnered, especially among young people and African-American communities. Although Trump has expressed a preference for traditional currency, he has acknowledged its growing popularity. “Well, a lot of people do that,” he said. “I have always loved a currency, I can call it a currency. “I loved the dollar.”
Trump noted Bitcoin’s independent momentum, pointing to a potential need for regulation. “Obviously, it’s taken on a life of its own, you know, you probably need to make some adjustments,” he said. He said he has observed an increasing trend towards the use of Bitcoin for payments. “A lot of people are embracing it. “And I see more and more people wanting to pay with Bitcoin,” he said. He also added, “It’s an interesting thing.”
cryptokoin.com As we reported in 2019, Trump made it clear that he does not support Bitcoin or other cryptos. He argued that these were not real money and described them as “weather-based.” He reiterated his belief that the use of cryptocurrencies in 2021 is fraught with risks and could be considered “very dangerous.”
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