The MAGA movement experiences record-breaking success before experiencing a 10% decline.

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The fervor surrounding the presidential meme coins continues, with the MAGA/TRUMP token reaching its highest value yet at $15.4 on May 29. According to CoinMarketCap data, the token has experienced a 48% increase over the past week and a 180% increase over the past month. However, as of the most recent update, the value of the memecoin has dropped to $13.66, a 10.6% decrease from its peak. Additionally, the token’s market cap has decreased to $600 million.

There are multiple factors contributing to the recent surge in value of the MAGA token. On May 29, American media personality Caitlyn Jenner publicly expressed her support for the token on social media platform X. Sources also report that there has been significant activity from large traders, with one person buying over $1 million worth of TRUMP tokens after Trump announced his re-election campaign back in November. When the value reached its peak on May 29, these tokens were worth over $15.7 million.

There is speculation that the large trader may soon sell off their holdings following the surge in price. However, some other traders have already started selling their TRUMP tokens to profit from the increase and invest in other meme coins associated with the former president.

The rise in value of TRUMP has also increased the former president’s holdings to $7.89 million as of Thursday. However, MAGA (TRUMP) is not the only meme coin taking advantage of Trump’s name and reputation. The Super Trump (STRUMP) token saw a 53% increase in value in just one day, reaching $0.01545 per coin. Similarly, another token called TRUMP’S HAT (MAGA) achieved its highest value three days ago.

At the 2024 Libertarian National Convention on May 25, Trump discussed various crypto-related topics and showed support for self-custody rights, opposed central bank digital currencies, and advocated for the release of Silk Road founder Ross Ulbricht. Despite previously criticizing Bitcoin and other cryptocurrencies, Trump now has a more positive and open-minded attitude towards the industry, recognizing its growing importance in political discussions.