[MAGA surges to all-time high, then retreats 10%]
The presidential campaign meme coin craze continues, with the MAGA/TRUMP token reaching an all-time high of $15.4 on May 29.
The TRUMP token is up 48% over the past week and 180% over the past month, according to CoinMarketCap. However, as of now, the meme coin is trading at $13.66, down 10.6% from its all-time high, and the token’s market cap has dropped to $600 million.
The recent surge in value of the MAGA token has been linked to several notable developments in the crypto industry. On May 29, American media personality Caitlyn Jenner publicly expressed her support for the MAGA token on social media platform X.
Additionally, reports indicate that there has been significant whale buying activity in recent months. Spot On Chain revealed that a trader purchased over $1 million worth of TRUMP tokens shortly after Trump announced his re-election bid in November. When prices reached an all-time high on May 29, the tokens were worth more than $15.7 million.
There are rumors that the whale may be selling its holdings following the recent price surge. Instead, some whales have begun selling their TRUMP tokens to realize profits and invest in other meme coins associated with the former president.
Meanwhile, TRUMP's recent surge pushed former President and Republican front-runner Trump's holdings to $7.89 million on Thursday.
However, MAGA (TRUMP) is not the only meme coin to capitalize on the former president’s name and brand. Super Trump (STRUMP) tokens are up 53% in the past day, reaching $0.01545 per coin. The ERC20-based token also hit an all-time high of $0.02241 on May 29, but is down more than 31% since then. Another coin, TRUMP’S HAT (MAGA), hit an all-time high three days ago.
At the Libertarian Party National Convention on May 25, 2024, Trump discussed several cryptocurrency-related topics, including supporting self-custody rights, banning central bank digital currencies, and advocating for the release of imprisoned Silk Road founder Ross Ub Ross Ulbricht.
Although Trump has previously condemned Bitcoin and other cryptocurrencies, he has now shown a new "positive and open" attitude towards the industry, indicating its growing importance in political discourse.
