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Trump-inspired memecoins MAGA (TRUMP), MAGA Hat (MAGA), and Super Trump (STRUMP) pared some of their recent gains as shares of Nasdaq-listed Trump Media fell on Monday.
While still the top trending tokens in the world of politically inspired memecoins, TRUMP, MAGA, and STRUMP were all trading lower in afternoon trading.
Data from CoinMarketCap showed that the price of MAGA Hat was down more than 15% in the last 24 hours.
Meanwhile, TRUMP and STRUMP had trimmed their recent gains to -8.3% and -4.4% last week, respectively. Both tokens have also fallen in the last 24 hours, with an increase in volatility taking prices to $13.74 and $0.02239 respectively.
Trump Media Stock Falls as Company Files Updated S-1 Form
Shares of Trump Media (DJT) fell more than 7% in early trading on Monday, trading at lows of $41.13 at the time of writing. This occurred after the company presented a audited financial report.
Trump Media, whose majority shareholder is the former president of the United States, revealed in the document that the company had hired Semple, Marchal & Cooper, LLP, for the reaudit.
The US Securities and Exchange Commission (SEC) recently charged Trump Media's former auditor with fraud.
Trump-inspired memecoins slide
At its peak, TRUMP traded at an all-time high of $17.51 (on June 1, 2024), while STRUMP hit an ATH of $0.02928 on June 2. MAGA Hat reached $0.0007379 on May 27.
The huge volatility that drove these tokens to new highs came as the market reacted to former US President Donald Trump's increased adoption of cryptocurrencies.
In addition to his increasingly pro-cryptocurrency tone and promises, recent events surrounding the former president also contributed to the rise of memecoins and his portfolio.
In fact, Trump's cryptocurrency holdings skyrocketed to millions of dollars as major PolitiFi tokens soared. The reaction to the guilty verdict against Trump in New York caused memecoins such as Never Surrender (TRUMP) and FreeTrump (TRUMP) to skyrocket.
According to on-chain details shared by blockchain security firm Arkham Intelligence, the crypto wallet linked to Donald Trump reached over $30 million as memecoin donations surged.
However, falling prices have caused portfolios linked to the 2024 GOP presidential candidate to reduce the total value of their holdings.
