Pro-Trump cryptocurrency MAGACOIN bags over 1,000 sign-ups post-launch

MAGACOIN is back in talks after its claim of making 75 million worth of coins for all the users who have purchased its cryptocurrency. It claims to have more than 1,000 signups on its debut launch earlier and has been facing a huge reputation among the masses. However, as per sources, MAGACOIN users are subject to a data breach.

MAGACOIN: Cryptocurrency that is made "out of frustration with Losing the Election"

The description on MAGACOIN's website is that the cryptocurrency was made "out of frustration with Losing the Election," and would soon be used to back MAGA candidates in 2022 and the future. MAGAcoin offers a 100 coin free to anyone who registers for the cryptocurrency, but there are no further details if users can receive this if they sign-in in the future. 

Trump's “Make America Great Again” slogan dubs MAGACOIN 

MAGA has been a hot topic for the past few months now, and it has resurfaced its trend after former American President, Donald J. Trump was banned from social media websites. This happened after Trump stepped down from office, and he is known for his support of the 'MAGA campaign'. The crypto is dubbed 'MAGACOIN' after former American President Donald Trump’s “Make America Great Again” slogan. 

Currently, MAGACOIN claims of having already made almost 75 million coins on its website, bringing a lot of it on circulation for the public to trade, buy, or sell. The coin is also said to be available for mining, the alternative process of getting raw cryptocurrency. However, MAGACOIN is not yet placed among popular and trusted platforms including that of CoinMarketCap, Binance, and others.

According to data floated by CoinMarketCap, this is not the first time that Donald Trump is supporting cryptocurrency. TrumpCoin, which was created to support the former president and his followers, has over 6 million coins in circulation and boasts a market cap of $383,500 equivalent to Rs 2,85,51,824.28.

MAGACOIN security lapse

Meanwhile, a security breach on a website linked to MAGACOIN uncovered user data including email addresses, passwords, IP addresses, and cryptocurrency wallet addresses - and revealed that several prominent right-wing personalities have become MAGACOIN ambassadors.

However, Trump has never expressed his support for the TrumpCoin or MAGACOIN. He has never been supportive of cryptocurrencies in general as he said bitcoin "seems like a scam" recently, while also fuming about bitcoin and cryptocurrencies on Twitter in 2019. At the time, he had said "cryptocurrencies were not money and he did not like them as their value was volatile and they had no substantial backing."