MAGAA coin to ‘create a community of like-minded individuals’

Politifi memecoin project MAGAA told Crypto.news about possible plans to launch on Solana to give more weight to Donald Trump’s campaign.

Politically themed memecoins stood out among the new entrants to the memecoin market this year. Many of the tokens, such as BODEN and TRUMP, were simple caricatures of well-known figures in Washington. Such ideas have achieved liquidity and market valuations in the hundreds of thousands or even millions based on memetic hyperbole and speculation.

But Make America Great Again! (MAGAA) aims to change the narrative by trying to lead the so-called “politii” paradigm away from the memecoin craze affecting crypto.

MAGAA: Memecoin or Politifi movement

MAGAA was launched as a new memecoin on the Ethereum (ETH) blockchain around June 5, despite Solana claiming to be the de facto meme center this cycle.

“Our goal is to become mainstream and be as accessible as possible. Ethereum has more on-ramp and support, making it the most suitable, a project spokesperson told crypto.news. However, a launch in Solana is not yet out of the question.

The token rose above $4 million in market cap shortly after launch, but regained momentum following one of the largest X-buys in history on June 8. More than 275,000 people watched the MAGAA speech, which featured former President Donald Trump.

Other popular names such as Andrew Tate, Dan Bilzerian, Mario Nawfal and WallStreetBets also shared the stage. Media attention pushed MAGAA’s valuation to over $80 million, but it has since been sold, according to DEX Screener data.

MAGAA on-chain statistics | Source: DEX Eliminator

According to a spokesperson for the project, memecoin-politifi plans to donate 100% of the tax revenue from the token to Trump’s campaign. The team has also hinted it would support pro-crypto super PACS like FairShakes, but does not see itself as a regulatory lobbying force.

“$MAGAA has no direct benefit and cannot be used for anything. Its sole purpose is to create a community of like-minded individuals, a representative told crypto.news.

Uncertainty about the future of memecoins in general arises especially regarding politically motivated virtual currencies after this year’s US presidential election, which will be held in the winter months. However, the Trump-inspired project predicted exciting times after the elections, believing that memcoins and political tokens would have greater societal impacts than most expected.

“I think there is a growing divide between Memecoin and politifi tokens. As the number of politically themed memecoins increases, the term politifi is also becoming popular. I see a difference too,” said the MAGAA spokesperson. “More politically driven tokens embody a set of beliefs and ideals and attract investors with the same beliefs and ideals; memecoins have no meaning.”

Trump and @DonaldJTrumpJr Clearly understand the role Memecoins will play in the future.

In a world of bots, AI, and spam blasting fake news and publicizing false narratives, how can you tell how society truly feels? pic.twitter.com/A5JD8e76dT

— $MAGAA | MAKE AMERICA GREAT AGAIN! (@MAGAAtoken) June 12, 2024