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The memecoin inspired by Donald Trump soars 500,000%: what’s behind it

The memecoin inspired by Donald Trump soars 500,000%: what’s behind it

In recent months, Trump has ramped up his political campaign around cryptocurrencies, hosting exclusive dinners with the non-fungible token (NFT) community and accepting donations in cryptocurrencies, including Bitcoin (BTC).

A recent survey by investment firm Paradigm reveals that 48% of cryptocurrency holders plan to vote for Trump, 39% for Biden and 13% remain undecided.

Recently, former president of the United States, Donald Trumpmade headlines for his bold political moves and strong support for the manufacturing industry. cryptocurrencies. This endorsement unleashed a wave of memecoins inspired by his figure, generating impressive profits in the market.

One of the most notable memecoins is MAGA (Make America Great Again), which has seen an increase of 162% in the last 24 hours, currently trading at $0.0006501 according to data from DEX Screener.

The Lookonchain platform reported that a cryptocurrency trader managed to win 2.7 million dollars in just three days trading MAGA, achieving a 505% return on investment. This trader initially invested $537,500 to acquire 6 billion MAGA on May 24 and 25, subsequently selling 1.5 billion for 744,000 USDT and keeping 4.5 billion MAGA, valued at $2.51 million.

Additionally, a MAGA derivative on the Solana network has seen an extraordinary increase in 534,000% during the same period, trading at $0.1811, with a market capitalization of $8.5 million at the time of writing.

Trump memecoins: what’s behind it

The impressive rise of these memecoins could be attributed to Trump’s recent pro-crypto statements, who stressed the need for the United States to lead the cryptocurrency sector. Surprisingly, Trump also promised to pardon Ross Ulbricht, the creator of Silk Road, if re-elected, pledging to commute his sentence to time served on his first day in office.

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Reuters

In recent months, Trump has ramped up his political campaign around cryptocurrencies, hosting exclusive dinners with the non-fungible token (NFT) community and accepting donations in cryptocurrencies, including Bitcoin (BTC). This change in stance is notable, as Trump had been a skeptic of cryptocurrencies during his previous presidency. Many analysts believe that Trump is seeking to capitalize on the Joe Biden administration’s stricter policies toward the crypto industry.

A recent survey by investment firm Paradigm reveals that 48% of cryptocurrency holders plan to vote for Trump, 39% for Biden and 13% remain undecided.

Source: Ambito

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