What are Trump MAGA Meme Coins?

A new
meme coin craze has taken the cryptocurrency world by storm, and this one is different from the other meme
coins that have managed to go mainstream. The MAGA coin is the new
cryptocurrency surging in the markets.

It’s a
Donald Trump-themed coin, getting its name from Trump’s famous slogan – Make
America Great Again. It surged in price at a rate of about 400 percent in
the last month alone. The creation of the coin and its popularity is part
of Trump’s online campaigning, but as is the case with most meme coins, it can turn
into something more.

What’s MAGA Coin’s worth?

Today’s
live MAGA price is $11.12, with a 24-hour
trading volume of $28,470,438 at the time of this writing. The current
CoinMarketCap ranking is #220, with a live market cap of $467,680,208.

However,
the most important thing about a crypto coin as an investment is its potential,
not just its value. The 400 percent growth and the potential to grow
further drive investors towards MAGA, not just its online popularity.

“My
intention is really to have this up there with a DOGE or SHIB, that kind of
scale and market cap and popularity,” the project’s marketing director,
YouTube talk show host Steven Steele, said in an interview.

A Point About Meme Coins

Expert
publications such asCCN have written about meme coins before, and it’s a dividing
issue that the industry is always discussing. Some find meme coins to be a
fun way to promote the cryptocurrency and a way to earn in a new market
quickly.

Others,
however, are very much against the creation and the popularity of meme coins as
it’s usually just a short-term trend, and it goes against the efforts to make
cryptocurrencies a serious part of the mainstream finance industry.

Prediction Problems

The main
problem with this meme coin, in particular, comes from the fact that it’s tied
up with the name and reputation of former President Donald Trump. Every
time President Trump did something on the campaign trail or made the news for
some comment, the market reacted, and the value of the MAGA coin changed –
usually, but not always – going up.

It makes
it impossible to predict the potential value of a MAGA coin the way other
coins, even one on memes, can be relied upon. Since the value almost
always depends on an outside force – something that President Trump does, some
investors will shy away from it.

Biden’s Crypto Coin

President
Trump isn’t the only one who has produced a meme coin. President Biden
also has one, but it has much less meme potential, as Biden’s campaign doesn’t
lean that heavily on online influence and trends such as memes.

The
largest Biden meme coin has a market cap of $340,000, and its chain activity
looks like a relative ghost town compared to 1,500 holders versus the 7,433 for
TRUMP (the largest holding in the former president’s wallet identified by
Arkham).

What does it mean for the Election?

It’s
impossible to tell how the popularity of a meme coin with a reference to a
presidential candidate translates to their chances of winning an
election. Both candidates have an online presence in the field of crypto
coins, but Trump’s campaign and policies are closer to investors in this field.

At the
same time, Trump’s presidency and overall campaign and effect on politics are
very chaotic, and that’s the worst thing for long-term financial plans and
investments. The fact that MAGA coins are more valuable and used can’t be
used to predict election outcomes.

“In
the meme scene, people want a rabble-rouser, someone exciting and
unpredictable, perceived as a total rebel,” Steele said. “Trump
embodies all of those qualities in the eyes of many.”

An Investment and Not a Vote

There
have been other meme coins before, and some have managed to become more than
just memes. The best example is Dogecoin, which started as a viral
internet joke and became an actual coin with many users. It has grown in
value as any good investment would.

The
question remains if MAGA coins will also be able to do that. Purchasing
MAGA coins is more of a political statement of support for the former president
and not a way to invest in a potentially profitable venture. When it
manages to turn from one into the other, it will become a real crypto coin.

“It’s
kind of a rallying cry for people who are Trump enthusiasts, but also, we have
a fair amount of investors who aren’t necessarily Trump fans, either; they just
see what they perceive to be a great investment,” Steele said.

In
February, Mechanism Capital’s Andrew Kang also came out with a non-partisan
approach to the MAGA coin investment, which treats it as a part of the
so-called attention economy rather than a political move.

What Will Happen After the Election?

The
biggest gamble with the MAGA coin investment is about the election
itself. The outcome of the election will greatly affect its value, and
that’s what most investors are looking for. If Trump loses the election,
the coin will also lose most of its value.

However,
if Trump wins the election, which is what the polls indicate at the moment,
it’s not easy to predict how the coin will react. Some believe its value
will skyrocket, while others see it as part of an election campaign effort that
won’t have a purpose after the election.

Trump NFTs

This
isn’t the first time Trump’s campaign is diving into the world of blockchains
and cryptocurrencies. Trump was also the first presidential candidate tointroduce a series of NFTs officially supported by the campaign. The first NFT
collection from former President Donald Trump sold out less than a day after
going on sale, with nearly $4.5 million in profit.

Buyers
of the Trump-themed non-fungible tokens gain ownership of a specific digital
copy of the image. The $99 NFTs, which Trump describes as “pertaining to
my life and career,” digitally represent the former president as an
astronaut, race car driver, cowboy, and superhero.

Dogecoin

Dogecoin
is the most famous meme coin because it became more than just an internet meme
and is now an actual digital coin that many use to make payments and conserve
value. The coin turned from a joke to a serious proposition when Elon Musk
promoted it online. Many believe that it’s the model for the MAGA coin and
that the same can happen to it as Trump’s campaign gains momentum again.

The live
price of Dogecoin is $ 0.138602 per (DOGE / USD) at the moment of writing, with
a current market cap of USD 19.86B. 24-hour trading volume is $ 2.89B USD.
DOGE to USD price is updated in real-time. Dogecoin is -1.69% in the last
24 hours, with a circulating supply of 143.31B.

Conclusion

A
meme crypto coin inspired by the campaign and popular support for Donald Trump
has recently emerged and gained momentum on the market. MAGA coin has
shown quick growth and online interest as a part of the campaign effort. It
remains to be seen if it will become more than that and actually become a
valuable investment outside of the Trump supporter community.

This article was written by FL Contributors at www.forexlive.com.