YEREVAN (CoinChapter.com) — The MAGA token, a memecoin launched in mid-2023, has just lately made vital headlines. Initially designed to rally help for Donald Trump, the token noticed a surge in recognition. With a market cap of $274 million, it’s present in practically 71,400 wallets throughout Solana, Ethereum, BSC, and Base.
Trump’s Affect Drives Token Surge After Key Occasions
Donald Trump just lately hinted at increasing his NFT assortment with a fourth sequence, sparking vital curiosity. These NFTs have already raised hundreds of thousands of {dollars} in major gross sales, though their ground costs have lagged. Trump’s affect additionally extends to unofficial memecoins such because the MAGA token.
After Trump’s arrest final August, the variety of wallets containing MAGA jumped by 620. When the Supreme Court docket dominated Trump may very well be added to the California poll in early March, greater than 5,500 extra addresses started holding MAGA. This marked the most important surge of recent holders to this point. Related spikes occurred throughout vital occasions, akin to Trump’s responsible verdict for paying $130,000 in hush cash to Stormy Daniels and the current assassination try.
The Ethereum-based MAGA memecoin noticed a fast spike in price from $6.31 to $10.36 instantly after the assassination try. This surge prompted its whole market capitalization to leap from $293 million to $469 million in lower than 45 minutes, in keeping with DexScreener knowledge.
Token Surges Then Declines Submit-Assassination Try
MAGA’s journey showcases the traits in memecoins and market habits. Individuals usually purchase memecoins when Bitcoin’s price rises. This sample was seen with one other memecoin, MOG, which gained 1000’s of recent holders as Bitcoin hit its file excessive in March. The variety of new MOG holders additionally elevated when Bitcoin tried a retest in late Could.
Although the MAGA token noticed a major surge in price following the assassination try on Donald Trump, it has since skilled a decline. As of the time of writing, the MAGA token is priced at $6.27, reflecting a 2.69% improve over the previous week. The token’s market capitalization stands at roughly $275.7 million, exhibiting a 9.73% lower. The 24-hour buying and selling quantity is round $12.2 million, which is a 37.53% improve. The circulating provide of MAGA tokens is 43,997,357, with a complete provide of 46,502,452 tokens. The absolutely diluted market cap is estimated at $291.4 million.
The chart signifies a major price spike following an assassination try, with the price briefly reaching above $10 earlier than being worn out and stabilizing across the present degree.