Elon Musk changing his profile picture on his social media account spiked the valuation of Dark Maga DMAGA/USD, a politics-themed meme coin, and catapulted several traders to quick riches.
What Happened: The Dark Maga meme coin, a parody meme featuring Donald Trump with laser eyes, surged 4,300% in the past 24 hours, related to Musk changing his profile picture.
On this change, the official page of Dark Maga commented that the picture was created by the DMAGA team specifically for him. The tweet added that it was "DMed to him by a team member."
The post concluded, "Dark MAGA coin is here to stay. There is only ONE DMAGA."
MicroStrategy Founder and Chairman Michael Saylor also reacted to the profile picture stating, "Laser eyes are back in style. Bitcoin."
Why It Matters: In the past 24 hours, DMAGA spiked 4,179%, with one trader highlighting a $5,000 trade by a wallet that turned into $1.8 million after DMAGA multiplied from a $50,000 valuation to $65 million.
Another crypto content creator revealed a trader who purchased $1,086 worth of DMAGA around a week ago. His investment is currently worth $1 million, out of which he has already sold $175,000.
Elon Musk's comments and indirect reactions in the past have led to significant movements in Dogecoin's DOGE/USD price thereby pushing the overall meme coin market higher. His current profile picture change also adds optimism to crypto's significance in the mainstream markets.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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