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The value of MAGA, Donald Trump's memecoin, surged by 20.22% to $7.08 following an X post by Elon Musk, owner of the platform, referencing "Make America Greater Again."
Elon Musk's Influence
In the past day, the value of MAGA, Donald Trump's memecoin, has skyrocketed. In the last 24 hours, MAGA's price has risen 20.22%, reaching $7.08 as of this writing.
Coingape reports that the value of the memecoin has been rising at the same time as X owner Elon Musk posted a message with the tagline "Make America Greater Again."
As the country gets ready for an election later this year, Tesla's boss was making a reference to the leadership. The fact that Musk has backed Trump for president is old news at this point.
Speculation Continues
It was reported a few weeks ago that the CEO of Tesla denied endorsing any presidential contender, but speculation continued that he would back the 45th president of the US. Afterward, Musk sent a sizeable donation to a PAC that sought to ensure Trump's re-election to the presidency. It was difficult to disavow their connection due to his "sizable" gift.
Elon Musk backed Donald Trump for president just after he narrowly escaped an assassination attempt. In a message he published on X, he wished Donald Trump a quick recovery and said he supports Trump. "He is a better choice for the crypto industry and can ensure fairer treatment," Justin Sun, founder of Tron, said in the post on X.
Market Reaction
The crypto market's remarkably durable reaction at the time was a signal of confidence in Trump. The value of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others rose at a reasonable rate. Even more importantly, the price of MAGA increased by over 50% to $8.27 before tumbling.
Trump memecoin is now trading at a price that is around 16% lower than its all-time high.
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