Benzinga - As former President Donald Trump ramps up his pro-cryptocurrency attitude in the run-up to the presidential election, Maga Coin (CRYPTO: TRUMP), which is inspired by him, has delivered massive returns to its holders.
What Happened: Maga Coin, rooted in the "Make America Great Again" movement, has been trending hot since the U.S. leader piqued the interest of cryptocurrency advocates with his reassuring statements about the industry’s future in the United States.
In an NFT event earlier this month, Trump, addressing a big crowd, said, "If you’re in favor of crypto, you better vote for Trump."
At that time, Maga Coin was valued at $4.30 with a market cap of just over $180 million.
Cut to the present, the cryptocurrency was exchanging hands at $12.47, signaling an impressive 144% jump since that event. Its market cap has shot up to nearly $550 million.
The coin's exponential surge far outpaces the advances of market heavyweights like Bitcoin (CRYPTO: Bitcoin), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE). In fact, it was the second-best performing memecoin in the last month, trailing only Pepe (CRYPTO: PEPE).
As of this writing, Trump was in possession of 579.29K Maga Coins, worth $7.19 million, according to Arkham Intelligence.
Why It Matters: The coin's fortunes soared as Trump aggressively sells his cryptocurrency-friendly attitude to appeal to an expanding demographic in the country.
The recent embrace marks a 180-degree pivot from his position a few years ago when he called Bitcoin "a scam."
The Trump campaign announced that it would accept election donations in cryptocurrencies last week, the first major party campaign to do so.
More recently, the Republican challenger vowed to ensure a conducive environment for cryptocurrencies in the U.S. and reiterated his promise of restricting central bank digital currencies.
Price Action: At the time of writing, Maga Coin was trading at $12.53, following a 23% surge in the last 24 hours, according to data from Benzinga Pro.
Photo via Shutterstock
Read Next: Ethereum ETF Approval To Spur ‘A Basket Of Crypto Tokens Within A Year,’ Says TD Cowen
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.