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Donald Trump meme increased by 500,000% after his statements

Former US President Donald Trump has been making headlines recently due to his bold policy initiatives, particularly his continued support for cryptocurrencies.

This support has led to a huge surge in meme-inspired coins, leading to huge gains in the market.

Donald Trump-Inspired Meme Coins Make Huge Gains

MAGA Coin (MAGA), a meme coin inspired by the Trump campaign slogan “Make America Great Again,” is up nearly 162% in the past 24 hours. According to DEX Screener data, it is currently trading at $0.0006501.

On-chain data tracking platform Lookonchain reported that a cryptocurrency trader made $2.7 million in just three days trading MAGA, achieving a 505% return on investment. The trader began by purchasing 6 billion MAGA for $537,500 on May 24-25, then sold 1.5 billion MAGA for $744,000 USDT to make a profit. Currently, the trader owns 4.5 billion MAGA worth $2.51 million.

MAGA Price Performance.
MAGA Price Performance. Source: DEX filter

Additionally, the MAGA fork on the Solana network saw an extraordinary spike of 534,000% during the same period. It is currently trading at $0.1811 with a market cap of $8.5 million.

The increase in these meme pieces can be attributed to Trump's recent policy moves. As BeInCrypto reported earlier this week, Trump has made several pro-crypto statements ahead of the upcoming election. He expressed Its strong support for the digital currency industryHe stressed that the United States must strive to become a global leader in this growing sector. Where he stated:

“I will ensure that the future of cryptocurrencies and Bitcoin comes from the United States. I will support the right to self-custody for the country’s 50 million cryptocurrency holders.”

Remarkably, the former US president also pledged to pardon Silk Road market operator Ross Ulbricht if re-elected. Trump promised to commute Ulbricht's sentence to time served on his first day in office.

In recent months, Trump has led a political campaign focused on cryptocurrencies, such as hosting an exclusive dinner with the non-fungible token (NFT) community. Furthermore, Trump accepted donations Election campaign with digital currencies, including Bitcoin (BTC).

Trump's policy shift is remarkable, especially since he was a cryptocurrency skeptic during his previous presidency. Many believe Trump wants to capitalize on his tougher measures. President Joe Biden's administration Towards the digital currency industry. A recent poll by investment firm Paradigm showed that 48% of cryptocurrency owners are considering voting for Trump, 39% for Biden, and 13% have not yet made a decision.

The report stated:

“Remarkably, 43% of crypto holders remember voting for President Biden in 2020, and only 39% of digital voters remember voting for former President Trump that year. So it appears that some of the voters President Biden is losing to Trump are crypto holders. “Perhaps due to actions taken by some government agencies under the Biden administration.”

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