Donald Trump’s meme coin MAGA has surged significantly over the past 24 hours. At the time of writing, MAGA is trading at $7.08, which equates to a 20.22% gain over 24 hours.
MAGA takes spotlight with Elon Musk's backing
The growth in the memecoin’s market cap coincided with X owner Elon Musk sharing a post titled “Make America Great Again.”
The Tesla boss was referring to the US leadership preparing for elections later this year. It is no longer news that Musk supports Trump's presidency.
A few weeks ago, there was speculation about the Tesla CEO's support for the 45th President of the United States, but he allegedly denied endorsing any presidential candidate. Since then, Musk has donated a large amount of money to super political action committees (PACs) aimed at re-electing Trump to the White House. It is worth noting that his "substantial" donations make it difficult to deny their connection.
Shortly after narrowly escaping an assassination attempt, Elon Musk endorsed Donald Trump in the White House race. He shared a post on X saying that he supports Donald Trump while wishing him a speedy recovery. Even Tron founder Justin Sun shared the same post on X, adding that “he is a better choice for the crypto industry and can ensure fairer treatment.
During this period, the crypto market reacted quite resiliently, reflecting a vote of confidence in Trump. Bitcoin (BTC), Ethereum (ETH), and other altcoins saw reasonable price increases. More importantly, MAGA prices rose by more than 50% to $8.27 before falling to lower levels.
The current value of Trump Memecoin is still about 16% lower than its previous high.
Biden's 72 hours are still counting
In other election-related news, Trump's rival Joe Biden is expected to drop out of the race.
On Friday, Galaxy Digital CEO Mike Novogratz noted that there is no path forward for the 46th president of the United States in the upcoming election. He highlighted the demands of Democratic leaders for Biden to step down. As a result, Novogratz believes that the president will exit in about 72 hours.
Prior to this, Biden wrote a letter to Democratic leaders on Capitol Hill reiterating his commitment to continue to run for president.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.