MAGA cryptocurrency shoots up in value after Donald Trump teases the launch of a mysterious new crypto project

The MAGA token, which is not officially linked to the Republican candidate or his campaign, surged in price from around $2.65 on Wednesday to above $4 on Thursday after Mr Trump promoted the DeFiant Ones platform to his followers on Truth Social.

A fringe cryptocurrency has soared in value by more than 50 per cent after Donald Trump teased the launch of a mysterious new crypto project.

The MAGA token, which is not officially linked to the Republican candidate or his campaign, surged in price from about $2.65 on Wednesday to above $4 on Thursday after Mr Trump promoted the DeFiant Ones platform to his followers on Truth Social.

The sudden increase in price bucked broader market trends, with the overall crypto market rising less than 1 per cent over the same time period.

The former US president wrote in his Truth Social post that the DeFiant Ones project will challenge the dominance of “the big banks and financial elites,” adding, “It’s time we take a stand – together.”

He also shared a link to the official Telegram channel for DeFiant Ones, which has attracted more than 40,000 followers despite offering no further information about the new platform.

His son, Eric Trump, offered a few details about what it might offer earlier this month, telling the New York Post that it involves “digital real estate” that will disrupt the finance industry.

“It’s equitable,” he said. “It’s collateral anyone can get access to and do so instantly. I don’t know if people realise what a shake up that is for the world of banking and finance. I hope we can help change that.”

Donald Trump has courted support from the crypto industry in recent recent months, despite having previously called bitcoin a “scam.”

In July, the billionaire attended the Bitcoin 2024 conference in Nashville to give a keynote address. During the 45-minute appearance, he promised to create a “national bitcoin stockpile” and a “bitcoin and crypto presidential advisory council.”

Pitching himself as the “crypto president,” he is the first presidential candidate for a major US party to own cryptocurrency, according to his financial disclosures.

Despite the recent gains by the MAGA cryptocurrency, it is still far from its all-time high of $17, which it reached in February after a series of victories in the Republican primaries put Mr Trump on track to become the party’s candidate for a third consecutive term.