MAGA Token Has Post-Trump Shooting Profits Wiped Out
YEREVAN (CoinChapter.com) — The MAGA token, a memecoin launched in mid-2023, has recently made significant headlines. Initially designed to rally support for Donald Trump, the token saw a surge in popularity. With a market cap of $274 million, it is found in nearly 71,400 wallets across Solana, Ethereum, BSC, and Base.
Trump’s Influence Drives Token Surge After Key Events
Donald Trump recently hinted at expanding his NFT collection with a fourth series, sparking significant interest. These NFTs have already raised millions of dollars in primary sales, even though their floor prices have lagged. Trump’s influence also extends to unofficial memecoins such as the MAGA token.
After Trump’s arrest last August, the number of wallets containing MAGA jumped by 620. When the Supreme Court ruled Trump could be added to the California ballot in early March, more than 5,500 additional addresses began holding MAGA. This marked the largest surge of new holders to date. Similar spikes occurred during significant events, such as Trump’s guilty verdict for paying $130,000 in hush money to Stormy Daniels and the recent assassination attempt.
MAGA Token Holders Surge Post-Assassination Attempt. Source: Dune/magacoin
The Ethereum-based MAGA memecoin saw a rapid spike in price from $6.31 to $10.36 immediately after the assassination attempt. This surge caused its total market capitalization to jump from $293 million to $469 million in less than 45 minutes, according to DexScreener data.
The price of MAGA memecoin soared following an attempt on the life of the former president. Source: DexScreener Token Surges Then Declines Post-Assassination Attempt
MAGA’s journey showcases the trends in memecoins and market behavior. People often buy memecoins when Bitcoin’s price rises. This pattern was seen with another memecoin, MOG, which gained thousands of new holders as Bitcoin hit its record high in March. The number of new MOG holders also increased when Bitcoin attempted a retest in late May.
It turns out, people buy memecoins when bitcoin goes up. Source: Dune
Though the MAGA token saw a significant surge in price following the assassination attempt on Donald Trump, it has since experienced a decline. As of the time of writing, the MAGA token is priced at $6.27, reflecting a 2.69% increase over the past week. The token’s market capitalization stands at approximately $275.7 million, showing a 9.73% decrease. The 24-hour trading volume is around $12.2 million, which is a 37.53% increase. The circulating supply of MAGA tokens is 43,997,357, with a total supply of 46,502,452 tokens. The fully diluted market cap is estimated at $291.4 million.
MAGA Token’s Price Spike Post-Assassination Attempt. Source: CoinMarketCap
The chart indicates a significant price spike following an assassination attempt, with the price briefly reaching above $10 before being wiped out and stabilizing around the current level.
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