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The American presidential elections are approaching day by day. The largest volume Trump-themed memecoin, MAGA, has seen a significant rise in the last 24 hours. This rise is thought to be driven by the eccentric billionaire Elon Musk.
Elon Musk’s Support for MAGA
The noticeable rise in the market value of MAGA (TRUMP) Memecoin occurred after billionaire Elon Musk, owner of X, shared a post with “Make America Greater Again.” The head of Tesla also referenced the upcoming 2024 United States election in a tweet that included a visual. It is known that Musk openly supports former President Donald Trump.
A few weeks ago, the Tesla CEO stated that reports of his support for former U.S. President Donald Trump were not true. However, shortly after, Musk made a significant donation to a Super Political Action Committee (PAC) aiming to return Trump to the White House, clearly showing his support. It would not be wrong to say that Musk’s “big” donation contradicts his previous statements about his support.
Following a failed assassination attempt last Saturday, Elon Musk declared his support for Donald Trump in the White House race. In his post on X, he also wished Trump well. Tron Founder Justin Sun also expressed similar views on X, stating that Trump would be a better choice for the crypto industry and could provide fairer treatment.
MAGA (TRUMP) Price Update
During this period, Trump-themed meme coins, known for reacting to social events, saw upward movements. While Bitcoin (BTC), Ethereum (ETH), and high-volume altcoins experienced modest rises, these meme coins surged.
During the mentioned period, the Trump-themed meme coin MAGA rose to $8.27 after a more than 50% increase before dropping to a lower level. Considering MAGA’s past value exceeding $17, its current value is still relatively low.
As of the time of writing, MAGA is trading at $7.12 after an 11.2% rise in the last 24 hours. During this period, MAGA’s market cap reached $311 million, with a trading volume of $8.4 million.
