Benzinga - TRUMP, the self-proclaimed "MAGA Meme Coin," hit a new all-time high, following a 71% price surge off the back of the former president's win in the Republican Iowa Caucus.
What Happened: Maga (CRYPTO: TRUMP), which launched on Aug. 11, 2023, runs on the slogan "Make Crypto Great Again."
It claimed to be "the only active cryptocurrency donating to U.S. veterans and protecting children," a pledge backed up by over 65 Ethereum, worth $168,000, in donations to U.S. veterans and child trafficking prevention.
The cryptocurrency stresses it "is not affiliated with or endorsed by Donald J. Trump." It still reached an all-time high of over $30 million in market capitalization on Jan.16, following a 71% price gain backed by Trump's win in the Iowa Caucus.
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Why It Matters: Star-affiliated meme cryptocurrencies seem to draw interest like moths are drawn to a flame: the Anita Max Wynn memecoin tied to rapper Drake is just the latest example.
While the "MAGA Meme Coin" does not enjoy such official endorsement, its backers meet in weekly "Spaces" on X (formerly Twitter) to grow the "MAGA Movement On The Blockchain."
Prediction markets give Donald Trump an 87% chance to be the Republican nominee for the 2024 election, giving the community ample time to grow its movement until a potential showdown in November.
What's Next: With the New Hampshire primary coming up on Jan. 23, TRUMP backers will feel good about their candidate's chances to win — Trump currently enjoys a 39% to 32% advantage over Nikki Haley, according to polls.
If that will translate into further upside for the meme cryptocurrency remains to be seen. But it would not be the first Trump-affiliated cryptocurrency investment that does well, as Trump NFTs have shown.
Read Next: Trump NFT Sales Surge 81% As Vivek Ramaswamy Quits 2024 Presidential Race, Endorses Ex-President
Photo: Trump (not memecoin image) via Pixabay
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