Donald Trump-inspired memecoins MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) experienced a decline in their recent gains as Nasdaq-listed Trump Media shares also slipped on Monday. Despite being the top trending tokens in the politics-inspired memecoins world, TRUMP, MAGA, and STRUMP were trading lower in afternoon trading, with MAGA Hat price down more than 15% in the past 24 hours. Additionally, TRUMP and STRUMP had seen their gains reduced to -8.3% and -4.4% in the past week, with prices dropping to $13.74 and $0.02239 respectively due to increased volatility in the market.
Shares of Trump Media (DJT) also fell over 7% in early trading on Monday, hitting lows of $41.13 after the company filed a reaudited financial report. The company, majority-owned by former US president Donald Trump, hired Semple, Marchal & Cooper, LLP for the reaudit following the U.S Securities and Exchange Commission’s fraud charges against its previous auditor. This led to a decrease in the company’s stock price and raised concerns among investors.
TRUMP and STRUMP tokens reached all-time highs of $17.51 and $0.02928 respectively, while MAGA Hat hit $0.0007379 at its peak. The surge in prices was fueled by Trump’s increasingly crypto-friendly stance and recent events in his personal life. Following his increased embrace of cryptocurrency and the surge in memecoins, Trump’s crypto holdings rose to over $30 million as donations poured in. However, the recent price declines have led to a decrease in the total value of his holdings, impacting the wallets linked to the 2024 Republican Party presidential candidate.
The market reaction to former President Donald Trump’s increased involvement in cryptocurrency and the surge in memecoins has been significant. Trump’s wallets, linked to various memecoins, experienced a surge in value as the market reacted to his crypto-friendly tone and recent events in his personal life. The guilty verdict against Trump in New York led to a surge in memecoins such as Never Surrender (TRUMP) and FreeTrump (TRUMP), increasing the total value of his crypto holdings. However, the recent price declines have seen a decrease in the value of his wallets and holdings, impacting the overall market sentiment towards Trump-inspired memecoins.
In conclusion, the Trump-inspired memecoins MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) have experienced a decline in their recent gains, following a decrease in Nasdaq-listed Trump Media shares. The market volatility, along with Trump’s increased involvement in cryptocurrency and recent personal events, have contributed to the surge and subsequent decline in the prices of these tokens. Despite the recent setbacks, the market reaction to Trump’s crypto holdings and involvement in memecoins remains significant, highlighting the impact of his influence on the cryptocurrency market.
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