Trump-Inspired Memecoins' Price Fall

The value of Trump-inspired memecoins including MAGA (TRUMP), MAGA Hat (MAGA), and Super Trump (STRUMP) has witnessed a decline alongside Nasdaq-listed Trump Media's shares slipping recently.

Despite being prominent tokens in the politics-themed memecoin realm, TRUMP, MAGA, and STRUMP were observed trading lower in the afternoon.

Recent data from CoinMarketCap displayed a notable over 15% drop in MAGA Hat's price within the last 24 hours. Moreover, TRUMP and STRUMP showcased reductions in their recent gains, standing at -8.3% and -4.4% respectively over the past week. Both tokens experienced a decline in the last 24 hours, with increased price volatility leading to values of $13.74 and $0.02239 respectively.

Trump Media Stock Decline Post Submission of Updated S-1 Form

Trump Media (DJT) stocks plunged by more than 7% in early Monday trading, hitting lows of $41.13 following the release of a reaudited financial report.

The company, with the former US president as its primary shareholder, disclosed its enlistment of Semple, Marchal & Cooper, LLP, for a reaudit due to the SEC's recent fraud charges against its former auditor.

Decline in Trump-Inspired Memecoins

During their highest points, TRUMP soared to an all-time high of $17.51 on June 1, 2024, while STRUMP reached a peak of $0.02928 on June 2. MAGA Hat also hit a pinnacle price of $0.0007379 on May 27.

The substantial market volatility that propelled these tokens to new records was triggered by the cryptocurrency community's responses to Donald Trump's expanding crypto interests.

Beyond Trump's favorable stance and commitments toward cryptocurrency, recent incidents linked to the former president contributed to the surge in memecoins and his cryptocurrency holdings.

Donald Trump's crypto assets skyrocketed to millions of dollars as leading PolitiFi tokens surged. Memecoins like Never Surrender (TRUMP) and FreeTrump (TRUMP) experienced a surge following Trump's guilty verdict in New York.

Arkham Intelligence, a blockchain security firm, reported that Donald Trump's associated wallet accumulated over $30 million in memecoin donations as prices declined.

While these advancements occurred, the recent downturn in prices led to reductions in the combined value of wallets associated with the potential 2024 Republican Party presidential contender.