MAGA soars to all-time high, then recedes 10%

The presidential meme coin fervour persists, with the MAGA/TRUMP token reaching an all-time high of $15.4 on May 29.

TRUMP has been up 48% over the past week and 180% over the month, as per data from CoinMarketCap. However, at the time of writing, the memecoin was trading at $13.66, falling 10.6% from its all-time high. The token’s market cap has also fallen to $600 million.

The recent surge in the MAGA token’s value follows several notable developments in the crypto space. On May 29, American media personality Caitlyn Jenner publicly expressed her support for the MAGA token on social media platform X.

Additionally, reports indicate substantial whale-buying 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 hit its all-time high on May 29, these tokens were valued at over $15.7 million.

There is speculation that this whale might sell its holdings soon following the recent price surge.

Conversely, some whales have started selling their TRUMP holdings to capitalize on profits and invest in other memecoins associated with the former president.

Meanwhile, the recent surge in TRUMP has boosted the holdings of the former president and leading Republican presidential candidate, Donald Trump, to $7.89 million as of Thursday.

But MAGA (TRUMP) isn’t the only meme coin leveraging the former president’s name and brand. The Super Trump (STRUMP) token experienced 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 declined by over 31%. Another token, TRUMP’S HAT (MAGA), achieved its all-time high three days ago.

At the 2024 Libertarian National Convention on May 25, Trump discussed several crypto-related topics, including support for self-custody rights, banning central bank digital currencies, and advocating for the release of incarcerated Silk Road founder Ross Ulbricht.

Despite previously denouncing Bitcoin and other cryptocurrencies, Trump expressed a newfound “positive and open-minded” attitude towards the industry, indicating its growing significance in political discourse.