Normally, meme cash are associated to canine memes or different innocuous popular culture icons. Nevertheless, with the presidential election looming, the crypto group is trying to mix memes, crypto and politics into a brand new asset class some are calling “PoliFi.”
MAGA Coin (TRUMP) is without doubt one of the tokens trailblazing the PoliFi motion. Created in August, the comparatively new token is hoping to draw consideration, achieve buyers and make a distinction by charity work.
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The token doesn’t supply a lot actual worth to buyers, nevertheless it does donate a small proportion (0.4%) of the full token provide to completely different charities, reminiscent of Veterans for Baby Rescue and Nationwide Veterans Homeless Help.
The primary goal of the token is funding. Merchants are utilizing it as considerably of a proxy for betting on Trump on the marketing campaign path.
“It’s advanced to develop into this sort of de facto betting market on the election for a lot of buyers,” mentioned Steven Steele, the venture’s advertising and marketing director.
This additionally signifies that not the entire buyers in TRUMP are die-hard MAGA supporters. They might merely be trying to make a fast buck off of worth motion with the token.
As Trump was racking up main victories, the value of the token surged, rising from lower than $3 on Feb. 22 to a excessive of $11.56 on March 4. This marked a greater than 300% enhance in lower than two weeks. At its highest level, the market cap soared above $480 million and into the highest 160 cryptocurrencies by market capitalization.
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As a result of the token makes use of Trump’s identify, picture and likeness, he’s incomes royalties on it. The builders of the token ship 579,281 TRUMP tokens to the previous president’s pockets. At their peak, these tokens had been value $6.7 million.
Nevertheless the token has since fallen almost 50% from these highs, and the market cap is at present beneath $300 million. Because of this Trump’s holdings are value simply over $4 million. Whereas that is nonetheless a major quantity, it’s a good distance from the earlier highs.
Regardless of the setback in worth, Steele nonetheless has big ambitions for the way forward for the venture.
“My intention is basically to have this up there with a DOGE [Dogecoin] or SHIB [Shiba Inu], that type of scale and market cap and recognition,” Steele informed Fortune.
SHIB and DOGE each have market caps of round $20 billion. For TRUMP to achieve that degree, the tokens must commerce for round $475. This is able to require a 6,700% enhance from present costs. Whereas the token is unlikely to achieve these ranges, the value is up greater than 40,000% since its inception in August.
So, as TRUMP (and Donald Trump) make headlines and the election attracts nearer, it is going to be attention-grabbing to see the place the token and venture go sooner or later.
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This text Trump Meme Coin Nears $500 Million Market Cap – Is PoliFi The New “In” For Retail Investors? initially appeared on Benzinga.com
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