Politifi memecoin project MAGAA told crypto.news of possible plans to launch on Solana in a bid to throw more weight behind Donald Trump’s campaign.
Political-theme memecoins have featured among new memecoin market entrants this year. Most tokens like BODEN and TRUMP have been simple caricatures of known figures in Washington. Such ideas have garnered hundreds of thousands to millions in liquidity and market valuation, riding on memetic hype and speculation.
However, Make America Great Again, Again! (MAGAA) aims to change the narrative by attempting to pioneer a so-called “politii” paradigm out of the memecoin craze gripping crypto.
MAGAA: Memecoin or Politifi movement
MAGAA launched around June 5 as a new memecoin on Ethereum’s (ETH) blockchain, despite Solana all but claiming the de-facto meme hub this cycle.
“Our goal is to go mainstream and be as accessible as possible. Ethereum has more on-ramps and support, making it the best fit,” a spokesperson for the project told crypto.news. Although, launching on Solana isn’t ruled out yet.
The token rose above a $4 million market cap shortly after launch, but momentum picked up on June 8 following one of the biggest X spaces in history. Over 275,000 people tuned into a MAGAA talk featuring an appearance from former President Donald Trump.
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Other popular personalities, such as Andrew Tate, Dan Bilzerian, Mario Nawfal, and WallStreetBets, to name a few, also shared the stage. The media attention buoyed MAGAA’s valuation above $80 million, but it has since sold off, per DEX Screener data.
MAGAA on-chain stats | Source: DEX Screener
According to a project spokesperson, memecoin-politifi plans to donate 100% of the tax revenue generated from the token to Trump’s campaign. The team also hinted at support for pro-crypto super PACS like FairShakes but doesn’t consider itself a regulatory lobbying force.
“$MAGAA has no direct utility and can’t be used for anything. Its only purpose is to create a community of like-minded individuals,” a representative told crypto.news.
Uncertainty looms around the future of memecoins in general, especially regarding politically motivated virtual currencies after this year’s U.S. presidential elections come winter. However, the Trump-inspired project predicted exciting times ahead post-elections, believing that memecoins and politifi tokens are bound to have greater societal impacts than most expect.
“I think there is a growing distinction between “memecoin” and “politifi” tokens. As politically themed memecoins are growing in number, the term politifi is being popularized. I also see a difference,” said the MAGAA spokesperson. “More serious politically driven tokens embody a set of beliefs and ideals, and they attract investors that hold those same beliefs and ideals; memecoins stand for nothing.”
Trump and @DonaldJTrumpJr clearly understand the role memecoins will play in the future.
In a world of bots, AI, and spam that blast fake news and present false narratives as public opinion, how can you tell how society really feels? pic.twitter.com/A5JD8e76dT
— $MAGAA | MAKE AMERICA GREAT AGAIN, AGAIN! (@MAGAAtoken) June 12, 2024
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