Donald J. Trump is positioning himself as pro-crypto in a smart play leading up to the US Presidential elections, and the MAGA Solana meme coin is mooning as a result – let’s unpack.
On May 8, 2024, Donald Trump held a special dinner at his Mar-A-Lago resort, and Crypto was a hot topic of discussion.
To attend, you must buy 47 or more of the new “Trump Digital Trading Cards – Mugshot Edition” NFTs, priced at $99 per card.
After the dinner, he addressed the ‘MAGA’ crowd and briefly touched on Crypto, stating “If you like crypto, you better vote for Trump”.
He also commented on the Biden administration and their clear dislike for digital assets by stating, “The Democrats are very much against it. And I say this, a lot of people are very much for it and I’m fine with it. I want to make sure it’s good and solid”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Donald Trump Stance Change on Crypto – Genius Presidential Election Move?
This is a clear pivot from the ex-president’s previous comments on Crypto in 2019 when he stated that he is “not a fan” and that their values are “based on thin air”.
There is a good chance that his new, pro-crypto stance is purely for votes in November’s upcoming election, but either way, it is working. Over the past few years, the Biden administration has made it extremely difficult for both retail investors and Web3 companies with ever-increasing and confusing rules and regulations.
The final nail in the coffin came in April after the Biden administration proposed an insane 44% tax plan on unrealized crypto gains.
DISCOVER: The Best Solana Meme Coins to Buy in May 2024
Solana Meme Coin Market Takes Notice: MAGA to the Moon?
Since Trump’s Mar A Lago dinner last week, the leading Trump meme coin, MAGA, has shot up over +100%.
The token was launched back in August 2023 and has been on a rocket ship since the beginning of this year, up more than +19,000% since January.
There are many Trump-themed meme coins, but MAGA is the most established. The team has included a 1% buy and 1% sell tax into the contract, and those fees have been used to donate to a number of U.S. charities, with a focus on helping U.S. veterans and Child Trafficking victims.
A community member created a Dune Dashboard to visualize various stats, which shows over $1.2m has been donated thus far to the aforementioned charities.
One of our based community members @__DeFi__ made a dashboard with easy to read stats on $TRUMP check it out below!https://t.co/pHrORXDtgI pic.twitter.com/AFhUYGju7Z
— MAGA Memecoin (@MAGAMemecoin) May 11, 2024
The Bottom Line: Is TRUMP Solana Meme Coin A Good Hodl?
With the November elections fast approaching, there are talks of the project moving a portion of their donations directly to Trump’s presidential campaign, which will likely lead to Trump giving the MAGA project a shout-out during one of his many upcoming rallies.
MAGA has a market cap of $355 million and transacts over $3.8 million in volume per day with just shy of 20,000 holders.
The team is taking all of the right steps to become the first billion-dollar ‘PolitiFi’ meme coin, with the key factors being the ongoing charity donations coupled with the popularity of Trump, not just in the U.S. but all over the world.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
