Donald Trump’s memecoin MAGA has surged significantly in the last 24 hours. At the time of this writing, MAGA was trading at $7.08, corresponding with a 20.22% increase in a 24-hour period.
The growth in the memecoin’s market value coincides with the period that X owner Elon Musk shared a post, captioned “Make America Greater Again.”
Make America Greater Again pic.twitter.com/NRxZkWbbi7
— Elon Musk (@elonmusk) July 20, 2024
The Tesla boss was referring to the leadership of the United States amidst preparation for an election later this year. It is no longer news that Musk has endorsed Trump for the presidential position.
The Tesla CEO’s support for the 45th President of the United States was speculated a few weeks ago but he allegedly denied backing any Presidential candidate. Thereafter, Musk donated a substantial amount to a Super Political Action Committee (PAC), aiming to re-elect Trump to the White House. Notably, his “sizable” donation made it difficult to deny their association.
Shortly after narrowly escaping an assassin attempt, Elon Musk endorsed Donald Trump in the race for the White House. He shared a post on X, saying he endorses 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 time, the crypto market reacted in a rather resilient manner, reflecting a vote of confidence on Trump. Bitcoin (BTC), Ethereum (ETH) and other altcoins saw a reasonable jump in their prices. More significantly, MAGA price registered more than a 50% increase to $8.27 before dropping to a lower level.
Compared to this previous high, the current value of the Trump memecoin is still about 16% lower.
In other news associated with the election, 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 United States President in the upcoming elections. He highlighted the requests of Democratic party leaders, asking Biden to step down. Consequently, Novogratz thinks the president will step down in about 72 hours.
Prior to this prediction, Biden had written to Democrat leaders in Capitol Hill, reiterating his commitment to remain in the race.
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