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Cryptocurrency News Articles
Trump-Inspired Memecoins Pare Gains as Shares of Nasdaq-Listed Trump Media Slip
Jun 11, 2024 at 04:15 am
Trump-inspired memecoins MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) pared some of their recent gains as shares of Nasdaq-listed Trump Media slipped on Monday.
Memecoins inspired by former US President Donald Trump, namely MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP), pared some of their recent gains on Monday as shares of Nasdaq-listed Trump Media slipped.
Despite remaining the top trending tokens in the world of politics-inspired memecoins, TRUMP, MAGA and STRUMP were trading lower in afternoon trading.
CoinMarketCap data showed that MAGA Hat’s price was down by over 15% in the past 24 hours.
Meanwhile, TRUMP and STRUMP had cut their recent gains to -8.3% and -4.4% in the past week, respectively. Both tokens were also down in the past 24 hours, with a spike in volatility pushing their prices to $13.74 and $0.02239, respectively.
Trump Media stock slips as company files updated S-1 form
Shares of Trump Media (DJT) fell by over 7% in early trading on Monday, reaching lows of $41.13 at the time of writing. This follows the company’s filing of a reaudited financial report.
Trump Media, which is majority-owned by the former US president, disclosed in the filing that the company engaged Semple, Marchal & Cooper, LLP, for the reaudit.
The U.S. Securities and Exchange Commission recently charged Trump Media’s former auditor with fraud.
Trump-inspired memecoins slip from recent highs
At their peaks, TRUMP traded at an all-time high of $17.51 (on June 1, 2024), while STRUMP hit an ATH of $0.02928 on June 2. MAGA Hat reached $0.0007379 on May 27.
The massive volatility that pushed these tokens to new highs came as the market reacted to former US President Donald Trump’s increasing embrace of crypto.
Other than his more crypto-friendly tone and promises, recent events around the ex-president also contributed to the surge in memecoins and his wallet hauls.
In fact, Trump’s crypto holdings soared to millions of dollars as top PolitiFi tokens surged. The response to Trump’s guilty verdict in New York saw memecoins like Never Surrender (TRUMP) and FreeTrump (TRUMP) skyrocketing.
According to blockchain security firm Arkham Intelligence, the crypto wallet linked to Donald Trump hit over $30 million as memecoin donations surged.
The price declines have however seen the wallets linked to the 2024 Republican Party presidential candidate shrink in total value of holdings.
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