PolitiFi Meme Coin Donates $1M To Trump-Backed Organizations

The Solana-based meme coin project, Magaverse, has donated $1 million to organizations approved by President-elect Donald Trump.

The $1 million donation from the meme coin's developer, Lee Hutchinson, continued the trend of companies donating money to Trump-related causes.

Tech companies like Meta, Amazon, Robinhood Markets, and OpenAI have contributed $1 million to Trump's inaugural fund.

Other companies such as General Motors, Toyota North America, and Ford have also donated $1 million towards the president-elect's inauguration.

"We put our money where our mouth is," Hutchinson said in a statement released to International Business Times. "This was our way of saying thank you to a man who has not only saved America but also saved crypto."

Hutchinson, the developer behind Magaverse, published a post on X where he announced the $1 million donation.

Magaverse, a meme coin built on the Solana blockchain, has a community that often leverages the popularity of trends and internet culture to drive engagement.

In August 2024, Trump-themed meme coins made a splash in the cryptocurrency market, with meme coins and PolitiFi tokens (political meme coins) climbing to $12 million by June.

Megaverse has a market cap of $72.54 million with 1 billion tokens in circulation, reported CoinMarketCap.

Megaverse has a self-reported supply of 99,999,795 with a self-reported market cap of $7,611,499.