In the past day, the value of MAGA, Donald Trump's memecoin, has skyrocketed. In the last 24 hours, MAGA's price has risen 20.22%, reaching $7.08 as of this writing.
Donald Trump's memecoin, MAGA, has seen a 20.22% increase in value, reaching $7.08 after an X post by Elon Musk, the owner of the platform, referencing “Make America Greater Again.”
Elon Musk's Influence
Over the past day, the token has seen a remarkable rise in value. In the last 24 hours, MAGA's price has gone up by 20.22%, reaching $7.08 at press time, according to data from CoinGape.
The memecoin's rise in value comes as X owner Elon Musk posted a message with the tagline "Make America Greater Again."
The post was likely a reference to the upcoming election in the country as the candidates prepare for the campaign. Musk's support for Trump as president is a topic that has been covered extensively by the media.
Speculation Continues
A few weeks ago, it was reported that the Tesla CEO denied endorsing any candidate for president, but speculation continued that he would support the 45th president of the United States.
Musk later made a "sizable" donation to a PAC that was working to get Trump re-elected as president. The large gift made it difficult to deny their connection.
Elon Musk expressed his support for Donald Trump as president shortly after he narrowly escaped an assassination attempt. In a message he posted on X, he wished Donald Trump a speedy recovery and said he supports Trump. "He is a better choice for the crypto industry and can ensure fairer treatment," the post on X by Justin Sun, founder of Tron, stated.
Market Reaction
At the time, the crypto market reacted surprisingly well to the news of Trump being stabbed. The value of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others increased at a moderate pace.
More significantly, the price of MAGA rose by over 50%, reaching $8.27 before falling.
The Trump memecoin is currently trading at a price that is around 16% lower than its all-time high.
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