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Donald Trump’s MAGA meme coin is experiencing tremendous price growth and is expected to outpace DOGE and SHIB.
The Donald Trump-themed meme coin, MAGA Coin, has emerged as a remarkable contributor to the cryptocurrency space.
From the above chart, the known price of MAGA on February 3, 2024, was $1.2536, and it has grown over 700% in one month to the current trading price of $10.1830. According to CoinMarketCap data, market cap increased to $439,884,493, approximately 24% up in a day. It is currently ranked #221 and is on its way to joining canine-inspired tokens like DOGE and SHIB.
Steven Steele, a YouTube talk show host, recently appeared in an interview with Coindesk, where he shared his views on the growth of the MAGA meme coin and talked about the newly emerging concept of PoliFi. It represents the integration of politics and finance in a community. MAGA is the first coin to emerge from the concept.
He said that he expects to see this coin ahead of the DOGE Coin and Shiba Inu. He added that there have always been debates around meme crypto in the space regarding their utility. Many meme coin project developers are trying to build utilities around their tokens.
Steele, however, said that Trump coins already have utility attached to them. These MAGA coins are the first chapter of an experiment in PoliFi, merging politics, finance, and community. The term creation is replicable to DeFi, the short term for decentralized finance.
How will the upcoming presidential election impact Trump’s MAGA meme coin?
Biden’s Coins has also tried to join the race to grow crypto coins, but none achieved the desired growth scale on comparing the largest Biden meme coin with that of Trump’s MAGA. The latter has approximately 5 times more coin holders, as it has 7,433 holders, whereas the largest Biden coin has only 1500 holders.
Although the win or projected success in the elections is not directly proportional to the growth of the coin or vice versa. The views of Steele favored Trump’s coin as, in the minds of users and investors, it has exciting, unpredictable, and perceived growth opportunities.
The project’s growth is tied up with election-related events, particularly those involving Trump. As election time approaches, Steele said Trump is attracting gravity towards himself.
Applications of MAGA
Steele has shared insights on one of the activities: the decentralized autonomous organization (DAO) behind the MAGA coin, the first series of official Trump-themed non-fungible tokens (NFTs) used as a fundraising tool. Donald Trump has used it in his official token and NFT series.
He has also said that some of the proceeds from MAGA coin sales are used for charitable causes such as assisting child trafficking victims and sheltering homeless veterans.
Conclusion: Are investments in MAGA a vote or a real investment?
Investment in the MAGA is based on the attention economy, with Trump being a constant in the news cycle due to the U.S. primary elections and his provocative nature. The bet is on his continuous media presence, not just his potential election win.
However, the applications and interests of fund managers and VCs recommend MAGA as an investment in growth.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
