The value of Donald Trump's cryptocurrency, MAGA, has increased substantially in the past 24 hours. MAGA is currently being traded for $7.08, a 20.22% growth within the past 24 hours.

The memecoin's market value surged concurrently with X owner Elon Musk's sharing of a post titled "Make America Greater Again."

Elon Musk was alluding to the governance of the United States in light of the upcoming election later this year. It is widely known that Musk has publicly supported Trump's candidacy for the presidency.

A few weeks ago, there were speculations about the Tesla CEO's endorsement of the 45th President of the United States. However, he reportedly denied supporting any Presidential candidate. Subsequently, Musk significantly contributed to a Super Political Action Committee (PAC) to support Trump's re-election to the White House. Significantly, his substantial donation made it challenging to refute their connection, as per Coingape.

Following a close encounter with an attempted assassination, Elon Musk publicly supported Donald Trump in his presidential campaign. He posted on X, expressing his support for Trump and hoping for a quick recovery. Tron Founder Justin Sun posted the same content on X, expressing that he is a more suitable option for the cryptocurrency business and can guarantee more equitable treatment.

During this period, the cryptocurrency market responded strongly and resiliently, indicating a vote of confidence in Trump. Bitcoin (BTC), Ethereum (ETH), and other alternative cryptocurrencies experienced a significant increase in their pricing. Significantly, the price of MAGA surged almost 50% to reach $8.27 before subsequently declining to a lesser value.

The current value of the Trump memecoin is around 16% lower than its prior high.

Additionally, it is anticipated that Biden, Trump's competitor in the election, will withdraw from the contest.

Galaxy Digital CEO Mike Novogratz stated on Friday that the 46th President of the United States has little chance of winning the 2018 elections. He emphasized the demands of Democratic party leaders, urging Biden to resign. Hence, Novogratz anticipates that the president will resign within approximately 72 hours.

Before making this forecast, Biden corresponded with Democratic leaders on Capitol Hill, reaffirming his dedication to continuing to participate in the race.