Elon Musk’s Endorsement Sparks 20% Surge in MAGA Coin Value

  • The MAGA meme coin surged by 20% following a post by Elon Musk on X (formerly known as Twitter).
  • The coin is currently trading at $7.08, achieving a remarkable 20.22% increase in just 24 hours.
  • Elon Musk’s post featured a meme with “Make America Great Again” and discussed U.S. leadership amid the upcoming elections.

Discover the astonishing rise of MAGA meme coin, driven by Elon Musk’s social media influence and upcoming election dynamics.

Elon Musk’s Influence Spurs MAGA Meme Coin Rally

Elon Musk, the visionary behind Tesla, recently posted a meme on X that features the slogan “Make America Great Again.” This post came in the context of discussing U.S. leadership amid the upcoming elections. Musk, who has previously denied endorsing any candidate, has made significant contributions to a Super PAC supporting Donald Trump, adding a layer of complexity to his public persona.

The Ripple Effect on the Crypto Market

The impact of Musk’s endorsement went beyond MAGA. The entire cryptocurrency market experienced a significant movement, with Bitcoin (BTC), Ethereum (ETH), and other digital assets witnessing appreciable gains. Specifically, MAGA’s price skyrocketed by more than 50%, reaching $8.27 before slightly retracing. Despite this pullback, MAGA’s current value remains considerably above its initial levels.

Market Predictions and Future Trajectory

Looking forward, if MAGA maintains its bullish momentum and surpasses its moving averages, it could reach targets between $7.12 and $17.48 by the end of 2024, with an average price expected to be around $17.19. Projections for 2025 are even more optimistic, with estimates suggesting a price range of $17.13 to $20.55, and an average value of $19.49. Musk’s support has undeniably provided significant impetus to MAGA.

Political Dynamics: Biden’s Potential Withdrawal

In another twist, Mike Novogratz, CEO of Galaxy Digital, speculated that President Joe Biden might withdraw from the race, citing internal pressures from Democratic leaders. Although Biden has resisted these calls, Novogratz predicts this development could unfold within 72 hours. Such political shifts are bound to have far-reaching effects on market sentiments and trends.

Conclusion

Elon Musk’s endorsement has significantly boosted the MAGA coin, reflecting the profound influence of social media on cryptocurrency markets. Although Trump himself has not created or endorsed the MAGA coin, its name association has driven substantial growth. As market dynamics evolve, keeping a close eye on influential figures like Musk and political developments will be crucial for investors and market watchers.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Whale Deploys $28M into ETH/WBTC—Holds 3,550 ETH and Places $4M ETH Buy Order at $4,738 on Cowswap

COINOTAG reported, citing on‑chain analyst Ai Auntie, that a...

New Wallet Buys 9,486 ETH at $4,720 Avg After Receiving $44.78M USDC from Coinbase Prime — LookIntoChain

COINOTAG reported on September 13 that on-chain analytics provider...

Hyperliquid Whale “INeedACook” Nets $7.1M — 1,250 Bitcoin Long Now Up $2.78M

According to COINOTAG News and on-chain analyst Yu Jin...

New Wallet Opens $50.8M 20x ETH Short on HyperLiquid — 10,796 ETH at $4,718 Entry (Liquidation $5,086)

COINOTAG News reported on September 13 that on-chain monitoring...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img