Meme currencies are nothing new to the cryptocurrency industry; one such example is the MAGA (TRUMP) token.
This digital asset, which was inspired by Donald Trump’s catchphrase “Make America Great Again,” has gained notice for its originality.
International Basketball: FIBA vs. NBA rules
Despite having no direct connection to the former US president Donald Trump, this coin has been gaining popularity since it has the potential to expand by a massive 10X in the third quarter of 2024.
MAGA (TRUMP), an Ethereum-based meme token with a Trump theme, was introduced in August and takes advantage of the divisive nature of the president.
Even though its ecosystem isn’t fully formed, the initiative is unique because of its charitable endeavors.
Donations to groups like Veterans for Child Rescue and National Veterans Homeless Support receive a tiny percentage of the token supply (0.4%).
Fitness guru Richard Simmons dies at 76
Furthermore, 0.6% goes toward development, marketing, and liquidity; additionally, a 1% trade fee keeps the token’s price stable.
Forecasts of Prices A optimistic trajectory for TRUMP in 2024 is predicted by certain market analysts. With a minimum of $6.62, the average price might more than quadruple to $12.74.
However, some estimate that MAGA’s maximum price will be $8.62 in Q3 2024. This prognosis indicates increase even though it is not as optimistic as some estimates.
Technical analysis indicates that if the market stays favorable, MAGA may reach its peak around $157.22.
With an average price prediction of $111.36 for 2024, the market is expected to perform well all year long, potentially reflecting a 10X increase in investors’ portfolio balances.
Elements Affecting MAGA’s Cost. After Republican presidential candidate Donald Trump made remarks about digital assets, the MAGA token saw notable increases.
After Trump declared that he was in favor of cryptocurrencies in his remarks on May 9, MAGA increased by more than 78% intraday and trading volume increased by more than 62% to $281 million.
First, by reducing the token’s quantity, MAGA’s burning program and charitable contributions may raise the price of the token.
However, because just a small portion is burned, the immediate effect is still minimal. Second, demand determines how much TRUMP costs.
Effective marketing campaigns or favorable political developments (like Trump’s influence) may draw in more customers and raise pricing.
June saw all-time highs for TRUMP before there was a sell-off. It will take fresh investors or reentering traders to take back those highs.
The price of TRUMP is also influenced by the performance of other meme currencies, such as Pepe (PEPE) and dogwifhat (WIF).