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MAGA soars to all-time high, then retreats by 10%
The fervor for presidential meme coins persists, with the MAGA/TRUMP token hitting an all-time high of $15.4 on May 29.
TRUMP is up 48% over the past week and 180% over the month, according to data from CoinMarketCap. However, at the time of writing, the memecoin was trading at $13.66, down 10.6% from its all-time high. The token’s market capitalization also fell to $600 million.
24 Hour TRUMP Price Chart | Source: CoinMarketCap
The recent increase in the value of the MAGA token follows several notable developments in the crypto space. On May 29, American media personality Caitlyn Jenner publicly expressed his support for the MAGA token on social media platform
Additionally, reports indicate considerable whale purchasing activity in recent months. Spot On Chain revealed that a trader had purchased over $1 million worth of TRUMP tokens shortly after Trump announced his re-election campaign last November. When the price reached its all-time high on May 29, these tokens were valued at over $15.7 million.
This trader made a bet #MAGA $TRUMP and he’s actually winning big (x28)!
• spent 541K $USDT to purchase 1,079 million $TRUMPa week after Donald Trump announced his re-election last November.
• held securely $TRUMP through the big pump in April (maximum profit if sold: $11 million).
• is now valued at $15.7 million… pic.twitter.com/HbJpQTc5KP
— Spot on the chain (@spotonchain) May 29, 2024
There is speculation that this whale might sell its holdings soon after the recent price increase.
Instead, some whales have begun selling their holdings in TRUMP to capitalize on profits and invest in other memecoins associated with the former president.
I found something interesting
This portfolio sold Trump to buy $Wizard and now he has $700,000 in Maga and only 67,000 in trumps. What do they know? pic.twitter.com/vgKtkywnct
— Jason Cline 🚀 (@Jclineshow) May 29, 2024
Meanwhile, TRUMP’s recent surge strengthened its holdings of former president and leading Republican presidential candidate, Donald Trump $7.89 million starting Thursday.
But MAGA (TRUMP) isn’t the only meme coin exploiting the former president’s name and branding. The Super Trump token (STRUMP) has seen a 53% increase over the past day, reaching $0.01545 per coin. This ERC20-based token also hit an all-time high of $0.02241 on MAY 29, but has since fallen by over 31%. Another token, TRUMP’S HAT (MAGA), reached its all-time high three days ago.
At the 2024 Libertarian National Convention on May 25, Trump discussed several cryptocurrency-related topics, including support for self-custodial rights, a ban on central bank digital currencies, and supporting liberation of jailed Silk Road founder Ross Ulbricht.
Despite previously denouncing Bitcoin and other cryptocurrencies, Trump expressed a newfound “positive and open-minded” attitude towards the sector, indicating its growing importance in political discourse.