The presidential meme coin fervor continues, with the MAGA/TRUMP token hitting an all-time high of $15.4 on May 29. Over the past week, TRUMP has surged by 48% and has seen a 180% increase over the month, according to CoinMarketCap data. However, at the time of writing, the memecoin was trading at $13.66, reflecting a 10.6% drop from its peak. The token’s market cap also decreased to $600 million.

The recent spike in the MAGA token’s value aligns with several notable developments in the crypto space. On May 29, American media personality Caitlyn Jenner publicly supported the MAGA token on social media platform X.

Additionally, significant whale-buying activity has been reported in recent months. Spot On Chain disclosed 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 valued at over $15.7 million.

This trader invested in #MAGA and $TRUMP and has seen substantial gains (x28). They spent 541K $USDT to buy 1.079M $TRUMP a week after Donald Trump announced his re-election campaign last November. They held $TRUMP through the significant pump in April, achieving a maximum profit potential of $11M. Currently, they hold $15.7M worth.

There is speculation that this whale might liquidate 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.

This wallet has been selling TRUMP to buy $MAGA and now holds $700k of MAGA and only 67k of TRUMP. What do they know?

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

However, 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.

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