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MAGA and STRUMP memecoins plummet amid new SEC filings by Trump Media
Inspired by Trump memecoin MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) pared some of their recent gains as shares of Nasdaq-listed Trump Media tumbled on Monday.
While still the hottest tokens in the world of politically inspired memecoins, TRUMP, MAGA, and STRUMP were trading this afternoon.
Data from CoinMarketCap showed that the price of MAGA Hat fell by more than 15% in the last 24 hours.
Meanwhile, TRUMP and STRUMP had trimmed recent gains to -8.3% and -4.4% respectively over the past week. Both tokens have collapsed in the last 24 hours, with a spike in volatility pushing prices to $13.74 and $0.02239 respectively.
Trump Media shares fall as company updates Form S-1
Shares of Trump Media (DJT) fell more than 7% in early trading Monday, trading as low as $41.13 as of this writing. This followed the company’s unveiling of a financial report subjected to new audit.
Trump Media, whose majority shareholder is the former US president, revealed in the filing that the company had hired Semple, Marchal & Cooper, LLP, for the new audit.
The US Securities and Exchange Commission (SEC) recently charged Trump Media’s previous auditor with fraud.
Trump-inspired memecoins slide
At its peak, TRUMP traded at an all-time high of $17.51 (on June 1, 2024), while STRUMP reached an ATH of $0.02928 on June 2. MAGA Hat reached $0.0007379 on May 27.
The huge volatility that pushed these tokens to new highs came as the market reacted to former US President Donald Trump’s decision greater adoption of cryptocurrencies.
In addition to his increasingly crypto-friendly tone and promises, recent events surrounding the former president have also contributed to the surge in memecoins and his wallet haul.
Indeed, Trump’s crypto holdings have skyrocketed to millions of dollars as leading PolitiFi tokens have soared. The reaction to the guilty verdict against Trump in New York has led memecoins like Never Surrender (TRUMP) and FreeTrump (TRUMP) to skyrocket.
According to on-chain details shared by blockchain security firm Arkham Intelligence, the crypto wallet linked to Donald Trump has reached over $30 million as memecoin donations surge.
However, the drop in prices has seen the total value of holdings in portfolios linked to the 2024 Republican Party presidential candidate decline.