The Maga TRUMP token, which had been trading on the crypto markets with considerable attention, was left in the dust after the announcement of Trump's official meme coin.
The cryptocurrency world took an unexpected turn as the legacy meme coin “Maga” (TRUMP) faced a dramatic collapse in value following the launch of the official TRUMP token, endorsed by former President Donald Trump.
Once a prominent player with a market capitalization of $158 million, Maga TRUMP faced a significant drop, with its valuation plummeting to a low of $64 million just hours after the introduction of its more official rival.
The Maga TRUMP token, which had been garnering attention in the crypto markets, was left behind as Trump’s official meme coin soared in value by an impressive 521.8% in just 24 hours after its launch. This spike in value launched the official TRUMP token into the crypto stratosphere, amassing a market capitalization of $5.3 billion, a far cry from Maga’s diminished valuation of $106 million.
The rise of Trump’s official TRUMP token sparked debates over the future of meme coins in the political sphere. Despite the rapid downfall of the Maga coin, which has since slightly rebounded to a $124 million valuation, it remains 28.1% lower in value from just a day earlier. Meanwhile, the official TRUMP coin has already surpassed rival meme projects like ConstitutionDAO (PEOPLE), securing the number one spot in the politifi coin rankings, a category reserved for political-themed cryptocurrencies.
While the Maga TRUMP coin struggled, its debutant rival has been met with fervent investor enthusiasm, signaling a new wave of meme-based tokens making their way into the spotlight. The official coin’s fully diluted valuation has reached an impressive $26.8 billion, leaving the older Maga coin far behind in terms of market dominance.
In a notable twist, former President Trump himself received an airdrop of 579,290 Maga TRUMP coins, valued at approximately $1.3 million. However, the bulk of his cryptocurrency portfolio lies in the meme coin TROG, which is valued at an impressive $5.15 million. Additionally, he holds a mix of around 3.28 ETH and WETH, diversifying his holdings beyond meme-driven assets.
Despite the attention surrounding Trump’s official meme coin, TROG and other politifi coins had a mixed performance in the market. While many saw losses, there was one standout exception—Jeo Boden (BODEN), a meme coin named after the 46th U.S. President, which surged by 123.8% in value during the same period.
With the introduction of Trump’s official TRUMP token, it’s clear that meme coins tied to political figures are quickly becoming more than just novelty investments. The market for politifi tokens has surged in recent months, and as Trump’s official coin takes the lead, it’s shaping up to be the next big player in the meme coin space. The rapid rise in its market capitalization shows just how quickly political memes can transition from internet jokes to serious financial assets.
