🌎 Trump-Inspired Memecoins Decline Alongside Trump Media Shares

Trump-inspired memecoins, including MAGA (TRUMP), MAGA Hat (MAGA), and Super Trump (STRUMP), have seen a reduction in their recent gains. This decline coincides with a drop in shares of the Nasdaq-listed Trump Media.

Despite remaining top trending tokens in the politics-inspired memecoins category, TRUMP, MAGA, and STRUMP traded lower in afternoon sessions. Data from CoinMarketCap indicated that the MAGA Hat price fell by more than 15% over the past 24 hours.

TRUMP and STRUMP also trimmed their recent gains, with weekly declines of -8.3% and -4.4%, respectively. Both tokens experienced drops in the last 24 hours, with volatility driving prices to $13.74 and $0.02239, respectively.

Trump Media Stock Declines

Shares of Trump Media (DJT) dropped by more than 7% in early trading on Monday, reaching lows of $41.13 at the time of writing. This decline followed the company’s filing of an updated financial report.

Trump Media, which lists the former US president as its majority shareholder, disclosed in the filing that it had employed 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 reached an ATH of $0.02928 on June 2. MAGA Hat hit $0.0007379 on May 27. The significant volatility that drove these tokens to new highs was a response to former US President Donald Trump’s increasing support for cryptocurrencies.

In addition to his more crypto-friendly stance and promises, recent events involving the ex-president also contributed to the surge in memecoins and his wallet’s value. Trump’s crypto holdings soared to millions of dollars as top political tokens rose.

The guilty verdict against Trump in New York led to memecoins such as Never Surrender (TRUMP) and FreeTrump (TRUMP) seeing significant price increases. According to on-chain data from blockchain security firm Arkham Intelligence, the crypto wallet linked to Donald Trump surpassed $30 million as memecoin donations surged.