As Bitcoin (BTC) price rebounded above $99.5k on Monday, January 6, during the early European session, MAGA (TRUMP), a memecoin project inspired by U.S President-elect Donald Trump, rallied over 42 percent in the past 24 hours to trade about $3.58 at the time of this writing. As a result, the small-cap altcoin, with a fully diluted valuation (FDV) of about $163 million and a 24-hour average traded volume of around $53 million, has pumped more than 124 percent in the past week.
Factors Influencing MAGAs Rally
The Ethereum-based memecoin, focused on charity to US veterans and children, has attracted significant attention from whale investors. According to on-chain data analysis, 52.40 percent of MAGA token holders are whale investors, despite the majority encompassing cruisers.
The notable rally of MAGA in the past 24 hours is heavily influenced by the upcoming inauguration of US President Donald Trump. As the first pro-crypto US President, heavy speculation on his impact on the ongoing crypto bull market is visible.
According to Ripple Labs CEO Brad Garlinghouse, Trumps inspired crypto bull market in 2025 is real. Moreover, more institutional investors have gained significant confidence in the crypto industry, as shown by the major cash inflows to digital assets investment products.
With over 41k on-chain holders and a locked liquidity of more than $4 million in Wrapped Ether (WETH), MAGA memecoin is well positioned to grow exponentially ahead.
Midterm Expectations
After being trapped in an ABC correction since May 2024, MAGA memecoin, in the daily time frame, is attempting to break out in a new rising trend. However, the memecoin must consistently close above the daily falling logarithmic trend to confirm a successful bullish breakout.
In case of a failed bullish breakout and the memecoin continues in the macro falling trend, the support level above $1.32 will likely hold until the buyers gain control.