TL;DR
- MAGA (TRUMP) coin hits an all-time high, whereas some leading cryptocurrencies show minor losses.
- The asset could be associated to Donald Trump who recently softened his stance on cryptocurrencies ahead of the US presidential elections.
The prices of most leading cryptocurrencies (in terms of market capitalization) have experienced minor losses or have been trading sideways in the past few days. Bitcoin (BTC) is down less than 1% on a 24-hour scale, whereas Solana (SOL) and Cardano (ADA) have retraced nearly 2% for the same period.
However, some lesser-known digital assets have defied the trends, charting impressive gains. One example is the meme coin MAGA (TRUMP), which recently tapped an all-time high of over $4.30 (per CoinGecko’s data).
The abbreviation MAGA stands for “Make America Great Again,” a political slogan popularized by former US President Donald Trump.
The billionaire, who has previously criticized the cryptocurrency industry, recently softened his tone, stating he “can live” with Bitcoin.
“You probably have to do some regulation, as you know. But many people are embracing it, and more and more, I’m seeing people wanting to pay “bitcoin,” and you’re seeing something that’s interesting. So, I can live with it one way or the other. I’ve always liked one really powerful thing, and that’s called the dollar,” he said.
Trump’s U-turn comes approximately eight months before the US presidential elections. Recall that he is one of the Republican nominees for America’s next political leader, trying to challenge Joe Biden’s re-election.
It remains unclear whether Trump would let the local crypto sector thrive. However, his latest change of heart might be taken as a positive sign. In addition, he has the support of Vivek Ramaswamy, who also ran for President but dropped his campaign a month ago.
Some industry participants have even suggested that Trump might pick his proponent as a Vice President, which could be seen as a “pro-crypto ticket.”
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