Whereas most meme cash previously have been centered round canine memes, MAGA Coin (TRUMP) is a brand new tackle the topic. With the headline “Make Crypto Nice Once more,” the token is hoping to garner assist from politically motivated crypto fans. Nevertheless, because the token turns into extra in style, many are questioning when — or if — the hype will die down.
The token was created in the summertime of 2023 and remained comparatively stagnant for a number of months. Nevertheless, as Trump started to make headlines for frequently successful major elections, the token took off.
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In the primary week of March, the token appreciated greater than 700%, going from lower than $1.40 to greater than $11.50. The market cap additionally soared, reaching a peak of almost $500 million and broke into the highest 150 cryptocurrencies by market cap.
As TRUMP climbs increased, many are wanting on the resemblance to different meme cash, comparable to Dogecoin (DOGE) and Shiba Inu (SHIB). Each of those tasks began as jokes, however they shortly grew to become a few of the most traded belongings on the planet and amassed market caps within the tens of billions.
At first, the meme tasks have been simply that — memes. They relied closely on a powerful group and HODLers, who “Maintain On for Pricey Life” on crypto brokerages, to take care of the excessive valuations. Nevertheless, the creators quickly realized that the meme cash could possibly be greater than only a joke; they could possibly be used to offer actual worth to the group.
SHIB is a first-rate instance of this. It has constructed an unlimited ecosystem of Shiba Inu-related applications, starting from non-fungible tokens (NFTs) and decentralized trade (DEX) to {a magazine} and merchandise. These applications have contributed to SHIB’s success and have allowed it to maintain past its preliminary success as purely a meme.
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Whereas MAGA Coin doesn’t have as robust of an ecosystem as the highest meme cash, it does search to appease its traders. That is primarily completed by donations to totally different charities. The donations come as a portion of the entire provide. To date, greater than 200 ETH price at the least $600,000 has been donated to veterans charities and organizations dedicated to stopping little one trafficking.
Whereas the token might not have as robust of an ecosystem or group, its method to attracting new traders is exclusive. Moreover, because the presidential race heats up, Trump’s identify shall be talked about an increasing number of, which might result in pure advertising and marketing.
Although the token continues to be very a lot a meme, the creators are working to construct it past that and into an enduring token. Nevertheless, that’s a lot simpler mentioned than completed. Solely time will inform whether or not MAGA Coin can stand up to the post-boom part that has claimed many meme cash previously.
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This text MAGA (TRUMP) Coin May Catch Up To DOGE/SHIB With 700% Growth In The Past Month initially appeared on Benzinga.com
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