MAGA Memecoin Soars on Donald Trump Inauguration Speculation and Whale Interest
As the price of Bitcoin (BTC) rebounded above $99,500 during early European trading on Monday, January 6, memecoin project MAGA (TRUMP) inspired by US President-elect Donald Trump has gained momentum over the past 24 hours. Up more than 42% and at the time of writing this article is around $3.58. As a result, this small-cap altcoin has a fully diluted valuation (FDV) of approximately $163 million, with average 24-hour trading volume of approximately $53 million and a gain of more than 124% over the past week.
Factors affecting MAGA rebound
This Ethereum-based meme coin, which focuses on charitable causes for U.S. veterans and children, has attracted significant attention from whale investors. According to on-chain data analysis, 52.40% of MAGA token holders are whale investors, although the majority of them are cruise ships.
MAGA’s significant rise over the past 24 hours has been largely influenced by the impending inauguration of US President Donald Trump. As the first U.S. president to support cryptocurrencies, there has been considerable speculation about his impact on the ongoing cryptocurrency bull run.
Ripple Labs CEO Brad Garlinghouse said that the 2025 cryptocurrency bull market inspired by Trump is real. Additionally, a growing number of institutional investors have developed a great deal of confidence in the crypto industry, as evidenced by major cash inflows into digital asset investment products.
With over 41,000 on-chain holders and over $4 million in Wrapped Ether (WETH) locked liquidity, MAGA memecoin is well-positioned to grow exponentially.
medium term expectations
After being stuck in an ABC correction since May 2024, the MAGA memecoin is trying to break out of a new uptrend on the daily time frame. However, memecoin must consistently close above the daily downlog trend for a successful bullish breakout to be confirmed.
If the bullish breakout fails and memecoin continues in a macro downtrend, support above $1.32 is likely to hold until buyers gain control.
