As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to keep a close eye on market trends and news that could potentially impact the value of various digital assets. The recent surge in MAGA’s price has piqued my interest, especially given its correlation with Elon Musk’s endorsement of Donald Trump for president.
As an analyst, I’ve observed a notable surge in the value of Donald Trump’s memecoin, MAGA, within the past 24 hours. At present, the coin is trading at $7.08, representing a substantial 20.22% increase compared to the previous day.
MAGA In the Spotlight Amid Elon Musk Endorsement
The increase in value for the memecoin market occurred around the time when Elon Musk, its notable figure, posted with the caption “Make America Greater Again.”
Make America Greater Again
— Elon Musk (@elonmusk) July 20, 2024
Musk, the CEO of Tesla, spoke about the upcoming US election and endorsed Donald Trump for the presidency.
A few weeks ago, there were rumors that the CEO of Tesla publicly supported the 45th President of the United States. However, Musk later denied any endorsement of a presidential candidate. Subsequently, Musk contributed generously to a Super Political Action Committee (PAC) with the intention of helping Trump secure another term in office. This significant donation, however, made it challenging for Musk to continue denying his connection to the President.
After just barely surviving an assassination attempt, Elon Musk expressed his support for Donald Trump’s presidential campaign. He made this endorsement by posting on X, where he declared his allegiance to Trump and wished him a swift recovery. Similarly, the creator of Tron, Justin Sun, also shared this post on X, stating that Trump would be more advantageous for the crypto industry and guarantee a level playing field.
During this period, the crypto market demonstrated remarkable resilience, indicating strong faith in Trump’s leadership. Bitcoin (BTC), Ethereum (ETH), and other altcoins experienced notable price surges. Most notably, MAGA coin’s value soared by over 50% to reach $8.27 before experiencing a subsequent decrease.
Compared to this previous high, the current value of the Trump memecoin is still about 16% lower.
Biden’s 72 Hours is Still Counting
As someone who closely follows political news, I have noticed that recent developments in the election race have been quite intriguing. Based on current reports, it seems that Joe Biden is strongly considering dropping out of the Democratic primary. Given his long and distinguished career in politics, this decision would undoubtedly be a significant one for him. However, if past elections are any indication, unexpected twists and turns can occur late in the game. Only time will tell what the final outcome will be.
Mike Novogratz, CEO of Galaxy Digital, stated on Friday that there seems to be no way for the 46th President of the United States to proceed in the upcoming elections. He mentioned the calls from Democratic party leaders urging Joe Biden to withdraw his candidacy. As a result, Novogratz predicts that Biden will resign within the next three days.
Before making this prediction, I wanted to share that I had received a letter from President Biden himself, reinforcing his dedication to continuing his campaign among Democratic congressional leaders on Capitol Hill.
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2024-07-20 18:08