Recent Update on MAGA Coin
The popular meme-coin MAGA Coin has experienced a significant price drop following the recent US presidential election. It was quite contrary to what had been expected with the trends observed from the election results.
Despite initial excitement and price surges leading up to the election, the coin’s value has dropped by 21.7% since Trump’s victory. While many crypto enthusiasts saw MAGA Coin as a collectible and a way to express political support, the post-election market sentiment has shifted.
Some analysts attribute the price drop to the realization that Trump’s victory may not necessarily lead to immediate and drastic changes in cryptocurrency regulation. Additionally, the overall cryptocurrency market has been volatile recently, which could have contributed to the decline in the Coin’s value.
What is MAGA Coin (TRUMP)?
If you’re new to cryptocurrency and wondering what the hype around MAGA Coin is all about, here’s a brief description. MAGA Coin (TRUMP) is a meme coin built on Ethereum (ETH). The name is inspired by the republican representative, Donald Trump’s “Make America Great Again” slogan.
Key Points on the MAGA Coin Timeline
- MAGA (TRUMP) cryptocurrency was launched in August 11, 2023 as a tribute to Trump and his candidacy
- It’s initial sole purpose was to allow trump supporters to demonstrate their support for right-wing causes, which they felt aligned with the slogan “Make America Great Again (MAGA)”
- As per Binance, “There’s a percentage break-up allocated for each transaction, from the total outcome of the MAGA coin. 2% goes to liquidity, 4% is reflected to holders, and 6% is allocated to developers.”
- The initial price of MAGA Coin (TRUMP) was remarkably low at $0.007792, recorded on August 21, 2023.
- Over time it had significantly grown to have achieved an all-time high of $17.52 on June 1, 2024.
- It’s all-time low recorded on October 14, 2023, amounts to $0.01136.
- Just a day prior to the 2024 US Presidential Election results being announced, the MAGA Coin was recorded to be at $4.64.
- It showed a 73.51% decrease from its all-time high recorded on June 1, 2024.
- During the press time, the meme coin, MAGA was recorded to be valued at $2.75.
- Currently, as recorded on 7 Nov, MAGA is valued at a low of $1.706.
What to expect next from MAGA Coin?
It remains to be seen how MAGA Coin will perform in the long term. While its future is uncertain, the recent price drop serves as a reminder of the inherent risks and volatility associated with meme coins and the cryptocurrency market as a whole.
Also read: 10 Best and Important Cryptocurrencies Other Than Bitcoin
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