Yesterday, the crypto market was almost entirely down except for some mainstream currencies such as Bitcoin and Ethereum. The entire sector was in the red, which was called the 618 promotion in the crypto market.
The stock that fell the most yesterday was undoubtedly MAGA.
However, the market soon turned around today and is basically rising. Among them, the MEME sector has seen the largest increase, up 22%, and there is a trend of continued rise.
MAGA also rose by nearly 30% today. This article will discuss in depth the reasons behind this situation.
Reasons for MAGA's decline
The MAGA token has rebounded to a high of $10.03 today, and its current price fluctuates between $8.5 and $10. It remains to be seen whether MAGA can maintain its foothold at $10.
Yesterday's lowest price was $5.65. The reason for this drop was that there were market rumors that Trump would issue a new token "DJT", but his official team did not confirm the rumor, so the bad news led to a sharp drop in MAGA and other political tokens, with MAGA falling by nearly 50% at its peak.
Note: Pirate Wires posted a message to his 63,800 followers on Monday (June 18): "According to the conversation, Trump will launch an official token called TrumpCoin, and the token will be DJT." He mentioned that Trump's 18-year-old son Barron is the "promoter" of the token.
Trump’s official team has not yet confirmed the issuance of the token, while other blockchain companies seem to have confirmed that the token has no connection with the Trump team.
When DJT was confirmed to have no connection with Trump, DJT fell 30% in six hours and MAGA rose 50%.
MAGA has now rebounded, and at a very fast speed. If it can stand firm at the key point, it is very likely to return to the stable position of $12.
Bidennomics will be abolished
Trump made new calls this morning. I wonder if it was a response to the drop in Trump Token yesterday.
Trump declared that if he is elected as the President of the United States, he will abolish Biden economics on the first day of his inauguration and replace it with MAGA economics. Before this, Trump had stated that he wanted to ensure that the future of cryptocurrency and Bitcoin took place in the United States.
MAGA's Future Potential
Everyone should understand that the MAGA token is Trump’s trump token, and the value of MAGA is completely and closely aligned with Trump.
Judging from the current situation, the probability of Trump being elected president is obviously greater than that of other presidential candidates, and as the election approaches, the price of MAGA will surely rise, so the potential of the MAGA token is very large.
You can focus on the date of the presidential debate (the time node of the US election is at the end of the article) and Trump’s remarks, which will have a huge impact on the value of MAGA.
