- MAGA, rallied significantly on the back of comments by the former U.S. President, Donald Trump.
- The new meme coin gained 20% last Friday, dwarfing returns from Dogecoin and Shiba Inu.
- Donald Trump acknowledged that Bitcoin is becoming more popular with commercial transactions.
A newly launched Donald Trump-inspired meme coin, MAGA, rallied significantly on the back of comments by the former U.S. President suggesting a new outlook for Bitcoin and cryptocurrency. MAGA gained 20% last Friday, dwarfing returns from other more established meme coins like Dogecoin and Shiba Inu, which gained only 2% each on the same day.
MAGA launched on August 11, 2023, with the creators describing it as a meme coin to “Make Crypto Great Again.” However, it is essential to note that there is no report of any official connection of MAGA with the former President.
The meme coin’s recent rally comes after Trump showed a more relaxed sentiment toward Bitcoin last Wednesday. During the “Ingraham Angle” on FOX News with Laura Ingraham, Trump said Bitcoin has “taken a life of its own.” According to the former President, regulation has become necessary for the world’s leading cryptocurrency.
Notably, Trump acknowledged that Bitcoin is becoming more popular with commercial transactions. According to him, many people are embracing the flagship cryptocurrency. He further noted seeing more and more people wanting to make payments using Bitcoin.
MAGA traded for $4.6691 at the time of writing, having retraced from a $5.4991 all-time high (ATH), according to data from TradingView. The novel meme coin reached the ATH by continuing last Friday’s bullish momentum, gaining nearly 80% before the pullback.
Last week’s rally also marks a continuation of a sustained rally by MAGA since the beginning of 2024. The meme coin started the year at $0.29 and has since been in a predominantly upward trajectory, gaining more than 2,100% in less than two months.
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