Elon Musk Endorsed: The Meme Coin Has Surged! - Kriptokoin.com

The Donald Trump-themed meme coin, MAGA, saw a 20% increase after Elon Musk's post on X (formerly known as Twitter). MAGA is currently trading at $7.08 and has experienced an incredible 20.22% surge in just 24 hours. Elon Musk, the man behind Tesla, shared a meme image with the caption “Make America Great Again” on X, which came as discussions about U.S. leadership ahead of the upcoming elections were underway. While Musk had previously denied supporting any candidate, his substantial donation to a Super PAC supporting Trump clearly demonstrated his endorsement.

What was the impact of Elon Musk's move?

Elon Musk shared his support for Trump on X and wished him a speedy recovery. Even Justin Sun, the founder of Tron, joined this wave of support by saying that Trump is the best for the crypto industry. These developments have created a great excitement in the entire crypto market. Bitcoin (BTC), Ethereum (ETH), and other coins also benefited from this surge. The price of MAGA increased by more than 50% and reached $8.27, then pulled back a bit. Currently, the value of MAGA is about 16% lower than its previous high level, but still much higher than the starting point.

Here is another interesting development - Trump's rival Joe Biden may withdraw from the race. Galaxy Digital CEO Mike Novogratz thinks Biden has no chance in the upcoming elections. Democratic leaders want Biden to withdraw, and Novogratz predicts that this will happen within 72 hours. However, Biden is resisting these demands by stating that he will stay in the race.

What is the current price?

Looking to the future, if MAGA maintains this momentum and crosses above its moving averages, it could reach targets between $7.12 and $17.48 by the end of 2024. The average price is expected to be around $17.19. Things are looking even better for 2025. Technical analyses indicate that MAGA could reach a price between a low of $17.13 and a high of $20.55, with an average price expected to be $19.49. As a result, Elon Musk's support has given a significant boost to Trump's MAGA coin. Despite not being endorsed or created by Trump, the coin has experienced significant growth due to its name.

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