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Meme coins inspired by Trump, including MAGA (TRUMP), MAGA Hat (MAGA), and Super Trump (STRUMP), have retraced some of their recent increases as shares of Nasdaq-listed Trump Media declined on Monday.
Despite remaining the leading tokens in the realm of politics-themed meme coins, TRUMP, MAGA, and STRUMP were trading lower during afternoon sessions.
Data from CoinMarketCap indicated that the price of MAGA Hat had decreased by over 15% in the last 24 hours.
In addition, TRUMP and STRUMP experienced reductions in their recent gains, falling by -8.3% and -4.4% over the past week, respectively. Both tokens also saw declines in the last 24 hours, with volatility causing prices to reach $13.74 and $0.02239, respectively.
Trump Media Stock Declines As Company Files Updated S-1 Form
Shares of Trump Media (DJT) dropped more than 7% in early trading on Monday, hitting lows of $41.13 at the time of this report. This decline followed the company’s submission of a reaudited financial report.
Trump Media, which is primarily owned by the former US president, disclosed in the filing that it had engaged Semple, Marchal & Cooper, LLP, for the re-audit.
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The U.S. Securities and Exchange Commission (SEC) recently accused Trump Media’s former auditor of fraud.
Trump-inspired Meme Coins Slip
At their peak, TRUMP reached an all-time high of $17.51 on June 1, 2024, while STRUMP achieved an ATH of $0.02928 on June 2. MAGA Hat peaked at $0.0007379 on May 27.
The significant volatility that drove these tokens to new heights was a response to former US President Donald Trump’s growing support for cryptocurrency.
In addition to his increasingly crypto-friendly rhetoric and commitments, recent developments involving the ex-president also played a role in the rise of meme coins and his wallet accumulation.
Indeed, Trump’s cryptocurrency assets surged to millions of dollars as leading PolitiFi tokens experienced substantial increases. The reaction to the guilty verdict against Trump in New York resulted in meme coins like Never Surrender (TRUMP) and FreeTrump (TRUMP) soaring.
According to on-chain data shared by blockchain security firm Arkham Intelligence, the crypto wallet associated with Donald Trump surpassed $30 million as donations in meme coins surged.
However, the recent price declines have led to a decrease in the total value of holdings in wallets linked to the 2024 Republican Party presidential candidate.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
