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Pro-Trump cryptocurrency magacoin has racked up over 1,000 sign ups since launching, report says


-The pro-Trump cryptocurrency magacoin has garnered over 1,000 signups, The Guardian reported.

-Most magacoin holders only hold the 100 free tokens that users receive when registering.

-President Trump said bitcoin 'seemed like a scam' last month and has questioned crypto in the past.

Magacoin, the pro-Trump cryptocurrency, has received over 1,000 sign ups since its launch last week, The Guardian reported on Thursday.

Most of the people who signed up only have 100 magacoins, the initial amount offered to everyone who registered, The Guardian said, citing data from a self-described hacktivist. Magacoin's creator so far holds the vast majority of coins - the token's website says around 75 million coins have been created in total.

Magacoin was created in reaction to Trump's loss in the November 2020 election, and the total amount of coins is a nod to the almost 75 million people who voted for him. It is designed to support candidates linked to the Make American Great Again slogan, and help fund their future campaigns and elections.