These days, the story of the cryptographic project Maga is going viral, which in August of last year created a memecoin called “TRUMP” and subsequently sent several tokens to the former President of the United States Donald Trump as a marketing strategy to make it more appealing to the public.
The funniest thing about this story is that the memecoin airdropped to the American politician and entrepreneur was initially valued at around 6 thousand dollars, but now it has reached a value of over 1 million dollars.
All the details below.
Summary
The cryptocurrency that uses the ticker “TRUMP” as a marketing strategy
Donald Trump is one of the most discussed public figures of the last decade, capable of perfectly representing the American standard of the white Republican man, and being used as the face of an emerging cryptographic memecoin.
Let’s talk about the Maga project, which on X presents itself as the only independent movement based on blockchain technology, supporting US veterans and protecting children.
Its main feature, however, lies in the ticker of its associated token, which takes up the surname TRUMP of the 45th President of the United States, and in the logo that depicts a caricature of him, immortalized with the famous laser eyes typical of the Bitcoin community.
In the homepage of the project’s website, in addition to the logo and the initial description, we also see the symbol of strength, freedom, and courage of the American territory, namely the famous bald eagle, with the addition of the typical coloring of the United States flag with stars and stripes.
The memecoin TRUMP has revealed to have donated about 80 ETH to American disabled war veterans associations and coalitions for children’s rescue, as part of its declared commitment to these figures.
All of this is accompanied by another 20 ETH donated directly to the US politician as a sign of gratitude for the work done within the country.
Currently, its market capitalization is equal to 3.1 million dollars, with a total supply of 47 million tokens issued on the Ethereum and Solana blockchains.
Like many other memecoins, TRUMP also has a tax (equal to 1%) on the buying and transferring of the currency.
This commission serves on one hand to finance the donations we talked about earlier, and on the other hand to improve the on-chain liquidity on the pools involving the token and for marketing developments.
The wallet identified with the web3 domain “Magafund.eth” is responsible for managing donations and transfers of crypto-assets.
To underline in this context that the reference to Donald Trump is not part of any collaboration, but solely reflects a marketing strategy meticulously studied by the Maga team, aimed at attracting the attention of memecoin investors by leveraging the figure of the famous billionaire.
Even Donald Trump has never publicly referred to this cryptographic project.
The memecoins given to Donald Trump are worth 1 million dollars
After introducing the Maga project, we can tell the most interesting part of the story of this memecoin illegitimately associated with the name of Donald Trump.
As mentioned, the TRUMP coin was sent in the form of an airdrop to the wallet of the former president of the United States, whose address was publicly known after he deposited some information regarding his financial statement with the competent authorities on August 14th.
Between August 16th and October 9th, the memecoin team sent a total of 579,281 tokens to Trump’s address, trying to gain visibility among the crypto world enthusiasts, similar to what Shiba Inu did years ago when it sent half of its supply to Vitalik Buterin’s wallet.
Donald Trump obviously has never sold or moved any of these coins, but now he might change his mind after their price has increased by a whopping 150 times in the last 5 months.
The TRUMP crypto-memes that were valued at just 5.7 thousand dollars in August have actually reached a value of over 1 million dollars on Sunday, January 21, going from a price of 0.00028 dollars to about 2 dollars.
In particular, we can notice how the leg up that led to this incredible increase in the price of the coins, were 3.
The first one occurred a few days after the token was listed on the decentralized markets of Ethereum and Solana, where the trading volume reached very high figures for a low-cap memecoin.
The second wave of increases occurred between mid-October and the end of November, coinciding with the overall growth of the cryptocurrency market, especially for the altcoin sector.
Finally, the last bullish wave occurred in the last few days: from January 14th to January 21st, the price of the memecoin TRUMP went from 0.23 to over 2 dollars, for an increase of almost 10x.
Since Monday, the crypto has been experiencing a contraction in its value, bringing Donald Trump’s meme-wealth down to “only” 780 thousand dollars.
It will be interesting to see if the American entrepreneur and politician will actually proceed with the sale of these resources or if he will decide to use them for noble purposes.
In the meantime, we remind you to pay maximum attention to cryptocurrencies that do not have an intrinsic value like TRUMP, which very often represent only and exclusively a trap for fools capable of attracting exit liquidity for those who have already made their profits.
The price action of this memecoin, in fact, although it has been glorious until today, could dramatically collapse and bring the prices close to zero.
DYOR.
