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Trump-inspired memecoins MAGA (TRUMP), MAGA Hat (MAGA) and Super Trump (STRUMP) pared some of their recent gains as shares of Nasdaq-listed Trump Media slipped on Monday.
While still the top trending tokens in the politics-inspired memecoins world, TRUMP, MAGA and STRUMP were trading lower afternoon trading.
Data from CoinMarketCap showed MAGA Hat price was down more than 15% in the past 24 hours.
Meanwhile, TRUMP and STRUMP had cut recent gains to -8.3% and -4.4% in the past week respectively. Both tokens have also slipped in the past 24 hours, with spike in volatility pushing prices to $13.74 and $0.02239 respectively.
Trump Media stock declines as company files updated S-1 form
Shares of Trump Media (DJT) fell more than 7% in early trading on Monday, trading at lows of $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, revealed in the filing that the company had hired Semple, Marchal & Cooper, LLP, for the reaudit.
The U.S Securities and Exchange Commission (SEC) recently charged Trump Media’s previous auditor with fraud.
Trump-inspired memecoins slip
At their peak, TRUMP traded at an all-time high of $17.51 (on June 1, 2024), while STRUMP hit 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 former US President Donald Trump’s increased embrace of crypto.
Other than his increasingly crypto-friendly tone and pledges, recent events surrounding the ex-president also contributed to the surge in memecoins and in his wallet haul.
In fact, Trump’s crypto holdings skyrocketed to millions of dollars as top PolitiFi tokens soared. The reaction to the guilty verdict against Trump in New York led to memecoins such as Never Surrender (TRUMP) and FreeTrump (TRUMP) to skyrocket.
According to on-chain details blockchain security firm Arkham Intelligence shared, the crypto wallet linked to Donald Trump hit over $30 million as memecoin donations surged.
The price declines have however seen the wallets linked to the 2024 Republican Party presidential candidate shrink in total value of holdings.