MAGA Coin (TRUMP) Promises to Make Crypto Great Again, but Can It?

While most meme cryptocurrency coins in the past have been centered around dog memes, MAGA Coin (TRUMP) is a new take on the subject.

A new cryptocurrency coin (MAGA Coin) has entered the market, hoping to garner support from crypto enthusiasts who are also politically motivated. The token, which is named after former U.S. President Donald Trump, has seen a surge in popularity as Trump makes headlines for continually winning primary elections.

However, as the token becomes more popular, many are wondering when — or if — the hype will die down.

The token was created in the summer of 2023 and remained relatively stagnant for several months. As Trump began to make headlines, however, the token took off.

In the first week of March, the token appreciated more than 700%, going from less than $1.40 to more than $11.50. The market cap also soared, reaching a peak of nearly $500 million and breaking into the top 150 cryptocurrencies by market cap.

As TRUMP climbs higher, it bears a striking resemblance to other meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB). Both of these projects started as jokes, but they quickly became some of the most traded assets in the world and amassed market caps in the tens of billions.

At first, these meme projects were just that — memes. They relied heavily on a strong community and HODLers — those who "Hold On for Dear Life" on crypto brokerages — to maintain the high valuations.

However, the creators soon realized that these meme coins could be more than just a joke; they could be used to provide real value to the community.

SHIB is a prime example of this. It has built a vast ecosystem of Shiba Inu-related programs, ranging from non-fungible tokens (NFTs) and decentralized exchange (DEX) to a magazine and merchandise. These programs have contributed to SHIB's success and have allowed it to sustain beyond its initial success as purely a meme.

While MAGA Coin does not have as strong of an ecosystem as the top meme coins, it does seek to appease its investors. This is primarily done through donations to different charities.

The donations come as a portion of the total supply. So far, more than 200 ETH valued at least $600,000 has been donated to veterans charities and organizations devoted to preventing child trafficking.

While the token may not have as strong of an ecosystem or community, its approach to attracting new investors is unique. Additionally, as the presidential race heats up, Trump's name will be mentioned more and more, which could bring about natural marketing.

Though the token is still very much a meme, the creators are working to build it beyond that and into a lasting token. However, that is much easier said than done.

Only time will tell whether MAGA Coin can withstand the post-boom phase that has claimed many meme coins in the past.