The MAGA Coin, themed around Donald Trump, saw a notable 20% increase, reaching $7.08, following a shoutout from Elon Musk on X.
Musk shared a meme with the “Make America Great Again” slogan, connecting it to the upcoming U.S. elections. Although Musk had previously denied supporting any candidate, his significant donation to a Super PAC backing Trump made his support clear. This endorsement led to a 20.22% rise in MAGA Coin’s price within just 24 hours.
Elon Musk Tweet – Source: X
Musk’s Trump Endorsement Sparks Crypto Surge and Election Drama
Elon Musk’s recent endorsement of Donald Trump for president created a buzz in the crypto world. Musk posted on X, expressing support for Trump and wishing him a speedy recovery. Justin Sun, founder of Tron, also chimed in, praising Trump’s potential impact on the crypto industry.
The crypto market reacted strongly to Musk’s endorsement. Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies saw noticeable gains. MAGA Coin’s price surged over 50% to $8.27 before settling slightly. Currently, MAGA’s value remains around 16% below its peak but is still significantly higher than before.
In a twist, there are speculations that Trump’s rival, Joe Biden, might exit the presidential race. Mike Novogratz, CEO of Galaxy Digital, predicts Biden will drop out within 72 hours, a sentiment echoed by some Democratic leaders. However, Biden remains firm in his commitment to stay in the race.
MAGA Coin Forecast: Potential for Growth in 2024 and 2025
Looking ahead, MAGA Coin could see significant growth if it maintains its current momentum and surpasses its moving averages. By the end of 2024, MAGA Coin might reach targets between $7.12 and $17.48, with an average price anticipated around $17.19.
The outlook for 2025 is even more promising. Technical analysis suggests that MAGA could fluctuate between $17.13 and $20.55, with the average price potentially hitting $19.49.
Elon Musk’s endorsement has undoubtedly given MAGA Coin a significant boost. Although the coin is not officially endorsed or created by Trump, its name has fueled its remarkable growth. With the upcoming elections generating buzz, MAGA Coin might continue to climb to new highs. Keep an eye on this memecoin—it could be the next big thing in the crypto world. Don’t miss out on what could be an exciting ride.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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