MAGA Coin (ETH: $MAGA) and other PolitiFi meme coins have been some of the biggest gainers in recent weeks, with the US election happening today, November 5, 2024. On the eve of election day, MAGA saw its price rise 12% in 24 hours. Here is a deep dive into MAGA’s history and how it has performed in 2024.
What Is MAGA?
MAGA Coin is a meme coin inspired by Trump’s red MAGA hat, just like the Dark MAGA coin. It has gained traction within crypto circles, and like all other Trump-inspired meme coins, its price has soared as the election day nears. MAGA has a huge, active community that often engages in political commentary on the US political landscape.
Unlike most meme coins, whose founders remain anonymous, the MAGA Coin is backed by a registered LLC, with its founders listed on the project’s website. That has been crucial to boosting the meme coin’s credibility amid a flood of political meme coins that turn out to be rug pulls.
The MAGA Coin project has zero transaction tax, and the supply is capped at 420.69 billion tokens. It is widely available on many popular exchanges such as OKX, Poloniex, and MEXC. CoinEX, HTX. LBank, and BitMart.
Market Performance
The price of MAGA Coin has risen 49.16% in the past month to $0.0001729. Its market cap is $67.46M, with an impressive 24-hour trading volume of $36.29M. Additionally, the token’s price has appreciated 1474.40% in the past 12 months. Its current price is a 76.74% discount to its ATH of $0.0007461, achieved in May 2024.
According to Etherscan, over 25,000 unique wallets hold MAGA, and over 700,000 transactions have been conducted to date. This shows that it is an active project with a huge community around it.
Social Media Following
MAGA Coin has one of the largest online communities of any PolitiFi meme coin. On X, it has 31.5K followers; on Telegram, it has a huge following of 11,793 subscribers. The vibrant MAGA community has played an important role in getting the token’s price to its current heights.
Can MAGA Coin Sustain Its Momentum?
With the election ending today, some investors may worry that interest in the meme coin will die down. However, that is unlikely to happen. The MAGA movement is highly active on social media and could continue rising.
In case of a Trump victory, the MAGA coin could soar to new heights in anticipation of crypto-friendly policies from the Trump administration. If it goes the other way, the meme coin could still rally as the community hunkers down in supporting the MAGA movement. Either way, MAGA’s future looks bright for the medium term and could potentially experience explosive growth in 2025.
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