Yearly crypto wallet refresher seems to benefit ‘MAGA’ coins (XRP, XLM, ADA)

December ended (due to profit taking and a Fed warning) with a small negative number for Bitcoin (and most altcoins), but as that month was the last of an otherwise fantastic 2024, most investors just shrugged it off.

Now that the crypto portfolios (just like stock portfolios) are being rearranged, it appears that, at least in the top 20 of the largest coins, it is once again the ‘American’ crypto coins (XRP, ADA and XLM) that are rising the fastest. Why is this again?

MAGA coins

New Year’s Day usually means that long-term investors are taking a look at their portfolio and then decide which stocks to hold and which to swap for others. This is also becoming increasingly the case for crypto investors, as the digital coin industry has been around for more than a decade now.

If there seems to be one striking trend in the first days, it is that crypto investors still attach a lot of truth to the rumor that the Trump administration would like to abolish taxes on crypto profits for digital coins issued by an ‘American’ company. Social media calls these the ‘MAGA coins’.

As any cryptocurrency can be traded and purchased worldwide, and the company that issues the currency can be established in any country, this seems illogic but investors, just like in the last weeks of November when the news surfaced for the first time, are on edge and will dig into any new piece of information.

🚨 Utility x USA 🇺🇸 coins are here to take over🔥$ALGO $XRP $ADA $XLM $HBAR $DAG $XYO pic.twitter.com/ITUSBcm9r0

— TheBlockchainMedia (@TheChainMedia) December 15, 2024

Hence in the top 20 of CoinMarketCap we see that XRP, Cardano and XLM were the clear winners of the first days of 2025.

The CEO of the company behind XRP, called Ripple Labs from California, is Brad Garlinghouse, an American. The founder and CEO of ADA (Cardano) is Charles Hoskinson, an American from Colorado and the founder and CTO of Stellar is none other than Jed McCaleb, another American whom we know from the infamous Mt Gox history.

🚨BREAKING: Eric Trump confirms President Trump’s plan to make American cryptocurrencies such as $ALGO $ADA $XRP and $HBAR tax free

I was the first public source of this story and reported on it. This will put non American crypto at a -37% tax disadvantage. pic.twitter.com/6gL1pvnjxd

— Shawn Sully (@oroogle) December 10, 2024

As you can see, the three big winners in the top 20 these past few days are the coins that would benefit if Trump abolishes taxes on crypto profits for ‘American’ coins. Mind you, no one from the Trump camp has confirmed the rumor at this time.