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MAGA memecoin soars 42% as Trump inauguration buzz grows

by admin January 6, 2025
January 6, 2025
MAGA memecoin soars 42% as Trump inauguration buzz grows

The MAGA memecoin, a project inspired by former US President Donald Trump, surged over 42% in the last 24 hours, trading at $3.58 at the time of writing.

The Ethereum-based token has seen its fully diluted valuation rise to $163 million, supported by an average trading volume of $53 million in the past day.

This significant rally comes amidst growing attention from whale investors and the broader crypto community, as speculation mounts regarding Trump’s potential influence on the market.

With over 41,000 on-chain holders and a growing investor base, the memecoin is well-positioned for further momentum, but can its rise last?

Whale activity drives MAGA’s growth

The MAGA memecoin’s recent performance is closely tied to large-scale investor participation.

On-chain data reveals that whale investors—those holding significant quantities of the token—account for 52.4% of its ownership.

Despite this dominance, the token maintains a diverse base of smaller investors, referred to as “cruisers.”

The memecoin’s focus on charitable contributions to US veterans and children has also contributed to its appeal, aligning with Trump’s public image and policies.

Its locked liquidity of over $4 million in Wrapped Ether (WETH) has further bolstered investor confidence, ensuring a degree of stability for the token’s price.

Source: Coinpedia

The ability to sustain its liquidity levels while attracting new investors will play a crucial role in its long-term viability.

Trump’s pro-crypto stance and market speculation

As the first pro-crypto US President, Trump’s association with the memecoin has fuelled market speculation.

The upcoming presidential inauguration has amplified expectations for a favourable regulatory environment for digital assets, driving more institutional interest in cryptocurrencies.

Recent cash inflows into crypto investment products highlight this growing confidence, with Ripple Labs’ CEO suggesting that Trump-inspired market movements could play a pivotal role in the ongoing bull market.

Whether MAGA can maintain its upward trajectory will depend on broader market dynamics, including regulatory clarity, evolving investor sentiment, and sustained interest from its large investor base.

Key technical levels for MAGA memecoin

From a technical analysis perspective, MAGA appears to be breaking out of a prolonged ABC correction phase that began in May 2024.

For the rally to sustain, the token needs to consistently close above its daily falling logarithmic trendline, signalling a bullish breakout.

Should the memecoin fail to confirm this breakout, it risks sliding back into its macro downtrend.

In such a scenario, the next significant support level at $1.32 could serve as a floor for the token, providing buyers with an opportunity to re-enter the market.

While MAGA’s potential for further growth is evident, its high dependence on whale activity and speculative sentiment introduces risks.

Investors should exercise caution, particularly as the crypto market remains inherently volatile.

With market attention often shifting quickly, maintaining momentum and liquidity will be challenging, requiring strategic interventions.

The post MAGA memecoin soars 42% as Trump inauguration buzz grows appeared first on Invezz

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