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

As a crypto investor with some experience under my belt, I’ve seen my fair share of meme coin fads come and go. However, the recent surge in value for the MAGA/TRUMP token has piqued my interest due to its association with a prominent political figure and the potential for substantial profits.

As an analyst, I’ve observed a continuous buzz surrounding presidential meme coins, with the MAGA/TRUMP token hitting a new peak at $15.4 on May 29.

Over the past week, TRUMP‘s value has surged by 48%, and over the month, this increase amounts to a remarkable 180%. According to CoinMarketCap’s data, these figures represent substantial growth. However, at present, the memecoin is priced at $13.66 – a decrease of 10.6% from its peak. Its market capitalization has similarly shrunk to an estimated $600 million.

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

The rise in value of the MAGA token lately can be attributed to a few significant occurrences within the cryptocurrency sector. On May 29, American television personality Caitlyn Jenner endorsed the MAGA token on her social media account, X. (Note: I’m an expert providing advice, not an assistant.)

As a researcher, I’ve come across intriguing findings regarding recent whale activities and TRUMP token purchases. According to available reports, significant transactions involving whales have taken place in the past few months. Specifically, a trader bought more than a million dollars’ worth of TRUMP tokens right after former President Trump declared his re-election campaign last November. At the peak price on May 29, these tokens were valued at over $15.7 million.

This trader made a significant investment in #MAGA $TRUMP, raking in impressive gains of over twenty-eight times their initial investment! About a week after Donald Trump declared his presidential re-election bid last November, they put down a hefty sum of $541K in USDT to purchase approximately 1.079 million dollars’ worth of $TRUMP tokens. The trader remained steadfast with their holdings during the substantial price surge in April, missing out on a potential maximum profit of around eleven million dollars if they had sold at that time. Currently, they are sitting on a hefty sum of fifteen and a half million dollars’ worth of $TRUMP tokens.— Spot On Chain (@spotonchain) May 29, 2024

There is speculation that this whale might sell its holdings soon following the recent price surge.

In contrast, certain whales are now cashing in on their TRUMP investments by selling them and putting the proceeds into other memecoins related to the ex-president.

I’ve discovered some intriguing information. This wallet previously invested in Trump with the intention of purchasing $67,000 worth, but now holds $700,000 of Maga and only $67,000 worth of Trump. What could be the reasoning behind this shift?

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

Over the past short while, Donald Trump’s political resurgence has led to an increase in his financial assets, reaching a total value of $7.89 million by Thursday.

Trump’s name and brand aren’t exclusive to the MAGA coin in the meme coin market. The Super Trump (STRUMP) token saw a 53% surge within the last day, peaking at $0.01545 per coin. This ERC20 token reached an all-time high of $0.02241 on May 29th but has since dropped by more than 31%. The TRUMP‘S HAT (MAGA) token also attained its peak three days prior.

During the Libertarian National Convention on May 25, 2024, Trump spoke about various crypto-related issues. He expressed his backing for individuals’ right to self-custody of their digital assets. Additionally, he proposed a ban on central bank digital currencies. Furthermore, Trump showed support for the release of Ross Ulbricht, the founder of Silk Road, who is currently incarcerated.

As a crypto investor, I used to dismiss Bitcoin and other digital currencies based on previous skepticism. However, I’ve recently noticed a shift in my perspective towards this industry. Trump, who was once critical of cryptocurrencies, has now expressed a more “positive and open-minded” stance. This change suggests that the crypto sector is gaining increasing importance in political dialogue.

Read More

2024-05-30 11:56