The memecoin MAGA, with the theme of Donald Trump, rose sharply this year. Some investors appear to be using the TRUMP token as a speculative bet against the backdrop of the US presidential election campaign.
• TRUMP token multiplies within a short period of time
• All-time high reached at more than $2
• MAGA coins in Trump wallet worth more than $1 million
“Make America Great Again”, MAGA for short – this slogan has probably been familiar to most people since Donald Trump’s 2015/2016 presidential election campaign. The cryptocurrency MAGA, which supporters of the former US president brought onto the market and which has received a strong boost in the recent past, may be less well known.
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MAGA coin with price jump
The MAGA coin with the ticker symbol “TRUMP” was issued last August. In the first few months after its release, the memecoin’s prices remained largely unchanged, but in the recent past the coin has experienced a significant increase in value. The fact that Trump’s recent victories in the primaries have put him back on track as a presidential candidate in the 2024 elections may have had a supporting effect, as CoinDesk reports. From a temporary peak of $0.04 three months earlier, the MAGA price temporarily climbed to more than $2 in January. On January 23, it reached an all-time high of $2.27.
In the new year alone, the MAGA coin increased by more than 600 percent. While a MAGA coin was temporarily worth around 0.24 US dollars at the beginning of January, the TRUMP memecoin now costs 1.26 US dollars (as of February 2, 2024). At CoinMarketCap, the memecoin currently has a market capitalization of $59.13 million, making it 2,430th of all cryptocurrencies traded on CoinMarketCap. While there are other Trump-themed memecoins on the market on various blockchains, none have built such a community, according to CoinDesk.
MAGA coins in Trump wallet break $1 million mark
Now, according to an investigation, the analysis platform Arkham was able to help the former president Donald Trump assign an ETH address. This shows that there are 579,281 MAGA coins in the Trump wallet – even if the TRUMP token has nothing directly to do with the former US president.
The MAGA coins in Trump’s wallet are currently worth $735,690.
The analysis platform puts the value of Trump’s wallet at around $2.3 million. In addition to the MAGA coin, the wallet currently also contains 340,531 Ether worth around $782,000 and 345,921 Wrapped Ethereum (WETH) worth around $793,000 as well as some other tokens, although their share in the value of the wallet is significantly lower .
At its peak, the coins in Trump’s wallet were worth over $4 million, CoinDesk reports. In December, however, a tranche of $2.5 million in Ether was transferred to Coinbase, which was generated from royalty payments from the official Trump NFT collection.
Editorial team finanzen.net