Key Points:
- MAGA memecoin surges over 42% in 24 hours, driven by excitement surrounding the upcoming inauguration of Trump.
- Whale investors are heavily invested in MAGA, indicating significant interest in the project.
- Technical analysis suggests a potential bullish breakout, but the memecoin needs to overcome key resistance levels to confirm the trend.
Bitcoin’s ( $BTC ) price climbed back above $99.5k on Monday, January 6, during the early European session, signaling renewed market optimism. At the same time, MAGA (TRUMP), a memecoin project inspired by U.S. President-elect Donald Trump, jumped over 42% in the past 24 hours to trade at about $3.58. The Ethereum-based small-cap altcoin, with a fully diluted valuation (FDV) of $163 million and a 24-hour trading volume of $53 million, has now surged 124% in the past week.
Factors Influencing MAGA’s Rally
The #MAGA memecoin, which supports charitable initiatives for U.S. veterans and children, has drawn significant interest from whale investors. On-chain data shows that 52.40% of MAGA token holders are whales, highlighting substantial support despite most holders being smaller investors known as cruisers.
This recent price surge is largely driven by anticipation surrounding Donald Trump’s upcoming presidential inauguration. As the first openly pro-crypto U.S. President, Trump’s potential influence on the ongoing crypto bull market is fueling speculation among investors.
Ripple CEO Backs Trump
According to Ripple Labs CEO brad garlinghouse information, Trump’s inspired crypto bull market in 2025 is real. Moreover, more institutional investors have gained significant confidence in the crypto industry, as shown by the major cash inflows to digital assets investment products.
With more than 41,000 on-chain holders and over $4 million in locked liquidity through Wrapped Ether (WETH), MAGA memecoin is positioned for substantial growth. Its strong community support and solid liquidity base provide a strong foundation for future expansion.
Since May 2024, MAGA memecoin has been navigating an ABC correction pattern on the daily chart. However, recent price action suggests it may soon establish a new upward trend. To confirm a bullish breakout, the token needs to close consistently above the falling logarithmic trendline.
If the breakout attempt fails, the broader downtrend could continue, with the $1.32 support level likely acting as a floor until buyers regain momentum. This support could allow the token to consolidate before its next move higher.
With strong whale backing, increasing on-chain activity, and technical indicators suggesting a possible breakout, the token’s future looks bright—provided it can overcome current challenges in its correction phase.
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