One of the swiftly ascending meme coins, MAGA (TRUMP), has surpassed the $500 million market capitalization mark and now ranks among the top 250 digital assets on CoinMarketCap. The meme cryptocurrency has seen a significant surge in popularity following former US President Donald Trump's endorsement of crypto.

Currently, the MAGA (TRUMP) cryptocurrency boasts a market cap of $556 million and a price of $12.50 as of 5:40 a.m. ET Monday, marking an increase of over 11%. It has a circulating supply of 43,997,357 TRUMP tokens out of a total supply of 46,502,452 TRUMP tokens.

Over the past 24 hours, the trading volume of the meme token has surged by 74.26%, reaching $35 million, with expectations of further increases as the US election day approaches.

The MAGA (TRUMP) meme coin is inspired by billionaire and 2024 presidential candidate Donald Trump's 'Make America Great Again' slogan. Trump's frequent appearance wearing a red hat with the slogan during his campaign likely contributed to the creation of this meme cryptocurrency. MAGA is available for purchase and trading on exchanges like BitMart, where the most active trading pair is TRUMP/USDT, with a trading volume of $1,011,897 in the last 24 hours.

The surge in MAGA's market capitalization coincided with Trump's recent endorsement of Bitcoin (BTC) and other digital assets, signaling a notable shift from his previous stance on cryptocurrencies. The crypto community on X expressed excitement as the meme coin exceeded the $500 million valuation mark, with some enthusiasts predicting further growth into the billions during the ongoing US election period.

In a statement on social media platform Truth Social, Trump expressed a positive and open-minded attitude toward cryptocurrency companies and related industries, emphasizing the importance of the United States leading in this field. This stance contrasts with Trump's 2019 remarks, where he criticized Bitcoin and other cryptocurrencies, labeling them as not real money and highly volatile. Trump's support for digital assets has propelled the prices of Trump-themed meme coins to new heights, with some addresses reportedly seeing substantial profits.