Memecoins
MAGA, STRUMP memecoins fall amid new Trump Media SEC filing
Inspired by Trump memecoins MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) pared some of their recent gains as shares of Nasdaq-listed Trump Media fell on Monday.
Although still the hottest tokens in the world of politically inspired memecoins, TRUMP, MAGA, and STRUMP were trading in the low 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 pared their recent gains to -8.3% and -4.4% respectively last week. Both tokens have also fallen over the past 24 hours, with the spike in volatility pushing prices to $13.74 and $0.02239 respectively.
Trump Media shares decline as company files updated Form S-1
Shares of Trump Media (DJT) fell more than 7% in early trading Monday, trading as low as $41.13 at the time of writing. This followed the company’s filing of a reaudited financial report.
Trump Media, whose majority shareholder is the former US president, disclosed in its filing that the company hired Semple, Marchal & Cooper, LLP, for the reaudit.
The US Securities and Exchange Commission (SEC) recently charged Trump Media’s former auditor with fraud.
Trump-inspired memecoins
At its peak, TRUMP traded at an all-time high of $17.51 (June 1, 2024), while STRUMP reached 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 comments made by former US President Donald Trump. increased adoption of crypto.
Aside from his increasingly crypto-friendly tone and promises, recent events surrounding the ex-president have also contributed to the rise of memecoins and his wallet.
In fact, Trump’s crypto holdings soared into the millions of dollars as top PolitiFi tokens skyrocketed. The reaction to the guilty verdict against Trump in New York led to the surge of memecoins such as Never Surrender (TRUMP) and FreeTrump (TRUMP).
According to on-chain details shared by blockchain security firm Arkham Intelligence, the Donald Trump-linked crypto wallet reached over $30 million as memecoin donations surged.
The drop in prices, however, saw the total value of portfolio holdings linked to the 2024 Republican presidential candidate decline.