MAGA experiences remarkable surge before decreasing by 10%
The popularity of the MAGA/TRUMP token continues to rise, reaching an unprecedented peak of $15.4 on May 29th. Data from CoinMarketCap reveals that TRUMP has seen a 48% increase in the past week and a staggering 180% gain over the month. However, as of now, the memecoin is trading at $13.66, representing a 10.6% decline from its all-time high. Furthermore, the token’s market capitalization has also dropped to $600 million.
This recent surge in value can be attributed to various significant developments in the cryptocurrency space. On May 29th, prominent American personality Caitlyn Jenner publicly expressed her support for the MAGA token on the social media platform X. Additionally, reports indicate notable purchases made by whales in recent months. Spot On Chain revealed that a trader acquired over $1 million worth of TRUMP tokens shortly after Trump announced his re-election campaign in November. When the price peaked on May 29th, these tokens were valued at over $15.7 million.
There is speculation that this whale may soon sell off their holdings in response to the recent price surge. Conversely, some whales have begun selling their TRUMP tokens to capitalize on profits and invest in other memecoins associated with the former president. For instance, a wallet was identified to have sold TRUMP in favor of purchasing $Maga, resulting in a current MAGA holding of $700k and only 67k of TRUMP.
Meanwhile, the surging value of TRUMP has significantly bolstered the holdings of the former president and leading Republican presidential candidate, Donald Trump, amounting to $7.89 million as of Thursday.
Nevertheless, MAGA (TRUMP) is not the only meme coin capitalizing on the former president’s name and brand. The Super Trump (STRUMP) token witnessed a 53% surge in value in the past day, reaching $0.01545 per coin. Although this ERC20-based token also achieved an all-time high of $0.02241 on May 29th, it has since declined by over 31%. Another token, TRUMP’S HAT (MAGA), achieved its all-time high three days ago.
During the Libertarian National Convention on May 25th, Trump discussed several crypto-related topics, expressing support for self-custody rights, opposition to central bank digital currencies, and advocating for the release of Silk Road founder Ross Ulbricht, who is currently incarcerated. Despite previously criticizing Bitcoin and other cryptocurrencies, Trump now demonstrates a “positive and open-minded” attitude towards the industry, underscoring its increasing significance in political discourse.
Read more: A Trump re-election could mean ‘friendlier’ crypto laws, GOP lawmaker says.