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

Presidential meme coin excitement continues, with the MAGA/TRUMP token hitting an all-time high of $15.4 on May 29.

According to CoinMarketCap data, TRUMP increased by 48% last week and 180% during the month. However, at the time of this writing, memecoin was trading at $13.66, down 10.6% from its all-time high. The market value of the token also dropped to $600 million.

TRUMP 24-hour price chart | Source: CoinMarketCap

The recent increase in the value of the MAGA token follows several important developments in the crypto space. On May 29, American media star Caitlyn Jenner publicly expressed her support for the MAGA token on social media platform X.

Additionally, reports point to significant whale purchasing activity in recent months. Spot On Chain revealed that a trader 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 worth over $15.7 million.

This trader placed a bet #MAGA $TRUMP and actually wins big (x28)!

• Spent 541 thousand $USDT 1.079M to purchase $TRUMPIt’s a week after Donald Trump announced he would run again last November.

• held firmly $TRUMP With the big pumping in April (maximum profit in case of sale: $11 million).

• currently worth $15.7 million… pic.twitter.com/HbJpQTc5KP

— Spot On Chain (@spotonchain) May 29, 2024

There is speculation that this whale may sell its assets soon after the recent price increase.

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

I found something interesting

This wallet sells trump to buy $maga and currently has $700k Maga and only 67k trump cards. What do they know? pic.twitter.com/vgKtkywnct

— Jason Cline 🚀 (@Jclineshow) May 29, 2024

Meanwhile, the latest rise in TRUMP has pushed former president and leading Republican presidential candidate Donald Trump’s assets to $7.89 million as of Thursday.

But MAGA (TRUMP) isn’t the only meme coin using the former president’s name and branding. Super Trump (STRUMP) token increased by 53% in the past day, reaching $0.01545 per token. This ERC20-based token also reached its all-time high of $0.02241 on MAY 29 but has since fallen over 31%. Another token, TRUMP’S HAT (MAGA), reached an all-time high three days ago.

At the 2024 Libertarian National Convention on May 25, Trump discussed a variety of crypto-related topics, including supporting personal custody rights, banning central bank digital currencies, and advocating for the release of imprisoned Silk Road founder Ross Ulbricht.

Despite previously condemning Bitcoin and other cryptocurrencies, Trump displayed a newfound “positive and open-minded” attitude towards the industry, pointing to its growing importance in political discourse.

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