A meme coin known as MAGA TRUMP/USD recorded a 20% increase in value in the last 24 hours, outpacing more established operators such as Dogecoin DOGE/USD and self-proclaimed Shiba Inu, the dogecoin killer SHIB/USD.
What happened: DOGE and SHIB rose 2% each on Friday. Currently, MAGA is trading at $3.63.
Launched on August 11, 2023, MAGA entered the world of cryptocurrencies by describing itself as a meme coin to “Make Cryptocurrencies Great Again.”
It should be noted that the token has no official connection to the former president Donald Trump.
This rally in MAGA comes as Trump on Wednesday displayed a softer approach to the leading cryptocurrency, Bitcoin Bitcoin/USD.
See more: Dogecoin HODLERS Are Beating Shiba Inu With 57% Profits, IntoTheBlock Data Reveals
Because matter: During an interview with Laura Ingraham on Fox News’ “The Ingraham Angle,” Trump said Bitcoin “has taken on a life of its own, you’re probably going to have to do some regulation.”
Additionally, Trump acknowledged a growing appetite for Bitcoin in business transactions. “A lot of people are embracing it. And I see more and more people wanting to pay [with] Bitcoin,” he said, noting the evolving stature of the cryptocurrency.
Benzinga’s note: Investors should do their due diligence before investing in tokens, especially those named after famous people or brands.
Price Action: At the time of writing, BTC was trading at $51,050, up 0.35% over the past 24 hours, as reported by Benzinga Pro.
Read next: Here’s how much you should invest in Shiba Inu today for a $1 million payday if SHIB hits 1 cent?
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