Following Elon Musk’s recent pro-Trump speech, all meme coins associated with Trump have also received a boost, including $TRUMP and $MAGA coins. According to crypto sources, new MAGA meme coins saw growing interest from traders, with one trader gaining $ 113,000 within 17 hours.
This trader specifically invested in MAGA meme coins, which, based on Spot On Chain @spotonchain, have since grown significantly. It also shows how political occurrences are beginning to affect the cryptocurrency industry and meme coins more specifically.
MAGA Soar After Elon Musk’s Speech Praising Trump
During the speech, which was more of an appeal to join the electoral register, Musk declared, “This is a great power, and it has to be won.” Both the head of Tesla and the owner of X urged people to vote in the next U.S. elections, using truck’s words similar to those of Trump. “There’s one request, it’s very important: Register to vote, okay, and get everyone you know and everyone you don’t know,” Musk persuaded his viewers.
Soon after Musk’s speech, a trader took a huge risk and dumped $360,000 into meme coins including $MAGA and $TRUMP tokens. It has been worth it because according to the trader, he made over $93, 000 over 17 hours of trading. Held by the trader were 2.449 billion $MAGA tokens at $300,000 and 18,364 $TRUMP tokens at $60,000. Since then the value of these tokens has increased to $398,000 for $MAGA and $75,300 for $TRUMP.
It does help that MAGA meme coins have recently surged exponentially which is quite evident of how political occurrences can impactCryptocurrencies directly.
Investors Pouring Serious Money Into Political Tokens
This is especially the case given that political memes are appearing all over the WallStreetBets and this is time for MAGA meme coins. As it has been cited in official reports, political meme coins like $TRUMP and $MAGA received a new wave of popularity due to Musk’s speech.
It also took the MAGA meme coin market that serves as the drivers of short-term speculation. They have been in the news recently, especially in the story of the trader who made over $113,000 on these tokens. However, the trader timed it right, initiating investments after Musk’s speech – precisely when political meme coins were gaining currency.
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The MAGA meme coins are not an isolated example since political reference and political occurrences are key drivers in the crypto market. As far as the risks of meme coins are concerned it is pertinent to note here that huge returns on investment has also been observed in this era of MAGA meme coins Market.
$TRUMP and $MAGA Tokens Surge, Reflecting Political Influence on Crypto Markets
The rise of MAGA meme coins arises at a time when various factors have combined to make cryptocurrency tied to politics in the market. The news from the sources of Spot On Chain indicated that the trader was right to invest in $TRUMP and $MAGA tokens before the speech by Musk.
The value of these investments proves the increased role of political actors, including Trump, in the crypto market. Lately, investors have been seizing the chance that opened by these meme coins after Musk supported Trump. The $TRUMP and $MAGA tokens traded by investors wishing to benefit from political events and cryptocurrency.
Thus, the idea is that as the political effects progress, there will be additional changes in MAGA meme coin rates. People are waiting to see how political declarations or speeches in the future will affect the stock market.
Final Takeaway on MAGA Meme Coins
General examples of this meme economy can be regarded as recent MAGA meme coins, which appeared due to Elon Musk’s speech in support of Trump. One trader was even said to have earned $113,000 in 17 hours; this means that meme coins associated with politicians remain popular among traders.
While approaching the next US elections, they expect even more dependence of the cryptocurrency market on political events. For now, MAGA meme coins are a favorite conversation topic and investors are just waiting for the next big pump. Keep following TheBITJournal and keep an eye on the crypto market.
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