- New Trump meme coin, MAGA coin, experiences a 20,000% price increase.
- The coin’s rise coincides with Donald Trump’s ongoing legal proceedings.
- The iconic mug-shot merchandise fuels $MAGA’s rapid climb in value.
As the legal case involving Donald Trump unfolds, the world of meme coins is experiencing a surge with the new MAGA meme coin soaring by an astonishing 20,000% on-chain.
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This surge coincides with the ongoing State of Georgia v. Donald Trump indictment. In this case, Trump turned himself in for a widely circulated mug-shot and paperwork processing on August 24.
To secure his release, Trump posted a $200,000 bond and pledged to avoid inflammatory social media posts until the trial concludes.
Despite this, the Trump campaign has managed to rake in over $9.4 million by selling various merchandise items, including t-shirts featuring the now-iconic mug-shot.
The widespread interest in this mug-shot has contributed to the meteoric rise of $MAGA, propelling its market cap from $250,000 to an impressive $5 million. This remarkable development has caught the attention of astute DEX (decentralized exchange) traders.
The crypto community’s fascination with meme coins, especially those tied to notable figures, continues to generate significant market activity. While meme coins are often characterized by their speculative nature, their surges can sometimes be driven by pop culture and media attention.
It is this crypto frenzy that Trump himself capitalized on with his Trump NFT collection. While the collection did well on its time of release, the NFTs are worth a lot less at the present time.
It remains to be seen how the MAGA meme coin’s trajectory will evolve, given the volatility inherent in the crypto market and the ongoing legal proceedings involving Donald Trump.
As the case continues to unfold, traders and enthusiasts alike will undoubtedly keep a close watch on both the legal proceedings and the coin’s price movements.
As the world of cryptocurrencies intersects with current events and cultural phenomena, these developments highlight the dynamic and unpredictable nature of the crypto market.
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