As Donald Trump headlines continue to ripple through the airwaves, the meme coin market is adding a surprising twist with a sudden surge of a new Trump-themed token by the name of MAGA. Its rise of over +20,000% on-chain is raising eyebrows across market analysts. Essentially, MAGA owes this colossal climb to the recent charges against Trump in Georgia, which highlighted Trump’s infamous mug-shot, consequently supercharging the hype around his brand and by extension, the MAGA token itself.
In the subsequent days, accusations shifted into profits with the Trump campaign racking up over $9.4m from merchandise sales predominantly featuring his mug-shot. This helped push MAGA from a mere $250k to a whopping $5m market cap – a significant triumph for sharp-eyed DEX traders. Yet, the fortunes of the MAGA token have seen wild fluctuations with the token undergoing a staggering -80% retreat from an all-time high at $0.15, only to bounce back with a +195% hike from its rock-bottom level.
In this whirlwind of market upheavals, MAGA owes its resiliency to strong buy pressure and dedicated bag-holders. Yet, caution should be advised as DEX traders face high risks, and risk-averse investors are gravitating towards a more stable play, such as the Wall Street Memes coin.
The upcoming Wall Street Memes coin, with its presale funding exceeding more than $25m, emerges as one of the biggest meme coin presales of 2023. The WSM token’s rallying one-million strong community, matched with its affordable price point at just $0.0337, lures thousands of early backers. The coin stands as a homage to anti-bank investors in a bid to transform community sentiment into a tangible asset and reevaluate our understanding of digital value.
In an interesting turn of events, an unidentified crypto whale shelled out $1 million on the WSM presale in early August, further demonstrating the hype around this meme coin. The Wall Street Memes coin seems set for a major moon-shot trigger, supported by its impressive community and innovative staking mechanism, offering 282% APY.
However, it is vital to bear in mind the high-risk nature of the crypto asset class. As such, while it is lucrative to secure a piece of the rising meme tokens, it is essential to proceed with vigilance and informed decisions. Despite the current hype surrounding these tokens, predicting the trajectory of a meme coin remains particularly uncertain, and the potential for losses is equally significant.
Source: Cryptonews
