MAGA (TRUMP) meme coin surges to $10, bringing $8.3 million profit to whale investors

We mentioned before that Trump meme coins can be ambush with small positions.

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The impact of political events on meme coins

MAGA coin prices rose sharply over the weekend, partly due to the thwarted attack attempts on Donald Trump, which revitalized his political status and re-election prospects. Trump's image as a crypto-friendly figure further stimulated market enthusiasm and drove the rise of the broader cryptocurrency market.

The market has seen some corrections, and the price of MAGA tokens has adjusted about 25% from the peak. Despite this, the token still maintains a 42% premium this week, with a market value of $334 million. Other meme tokens have also experienced similar gains of 4-10% in the past 24 hours. Observers are particularly concerned about Trump's expected speech at the 2024 Bitcoin Conference, which may further influence market trends.

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