JAKARTA - Magacoin, the cryptocurrency of the pro-Trump mob, has received more than 1,000 registrants since its launch last week. According to The Guardian's report, Thursday, July 22, most of the people who signed up only had 100 magacoins. This is the initial amount offered by his fans.
To The Guardian, a hacktivist who claims to be the creator of this cryptocurrency stated that Magacoin so far holds the majority of the coins, and around 75 million coins have been created in total.
Magacoin was created in reaction to the defeat of former US President Donald Trump in the November 2020 election. The total number of coins is the approval of nearly 75 million people who voted for it. It is designed to support candidates associated with the Make American Great Again slogan, and help fund their future campaigns and elections.
Magacoin is not yet a traded crypto coin and is not listed on any major cryptocurrency tracking platform at the time of writing.
This isn't actually the first cryptocurrency to back Trump. Previously also created TrumpCoin to support the former president and his followers. According to CoinMarketCap data, TrumpCoin, is claimed to have over 6 million coins in circulation, and boasts a market cap of $383,500.
Community figures such as radio hosts, bloggers and local MAGA figures who agree to promote the coin can receive 1,000 free tokens through the ambassador program. According to The Guardian, many people have reportedly accepted this offer as well,
The Guardian also reported that in a security hack on websites linked to Magacoin, it revealed user data including email addresses, passwords, IP addresses, and cryptocurrency wallet addresses of Magacoin enthusiasts. Even the data also reveals that several prominent right-wing figures have become ambassadors of Magacoin.
Trump has not expressed support for TrumpCoin or Magacoin. He has historically not supported cryptocurrencies in general. Instead Trump said bitcoin "looked like a scam" some time ago.
He had “raved” about bitcoin and crypto money on Twitter in 2019. At the time, he said cryptocurrencies were not money and he didn't like them because they were volatile in value and lacked substantial backing.
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