MAGA and STRUMP memecoins suffer declines following Trump Media’s recent SEC filing

Exciting news for memecoin enthusiasts! The Trump-inspired tokens MAGA (TRUMP), MAGA Hat (MAGA), and Super Trump (STRUMP) are experiencing a slight dip in their recent gains as Nasdaq-listed Trump Media shares decline.

Even though TRUMP, MAGA, and STRUMP continue to be the most talked-about tokens in the world of politics-inspired memecoins, they are currently trading lower in the afternoon session.

CoinMarketCap data indicates that the price of MAGA Hat has decreased by over 15% in the last 24 hours.

Meanwhile, TRUMP and STRUMP have both seen recent gains reduced to -8.3% and -4.4% respectively over the past week. These tokens have also experienced a drop in the last 24 hours, with increased volatility leading to prices of $13.74 and $0.02239 for TRUMP and STRUMP, respectively.

Latest Update on Trump Media Stock

Early trading on Monday saw Trump Media (DJT) shares decline by more than 7%, reaching a low of $41.13. This drop followed the company’s submission of a reaudited financial report, which can be viewed here.

In the filing, Trump Media, with former US president as its majority shareholder, disclosed the hiring of Semple, Marchal & Cooper, LLP for the reaudit, following the SEC’s fraud charges against the previous auditor.

Memecoin Market Update

TRUMP reached an all-time high of $17.51 on June 1, 2024, while STRUMP hit $0.02928 on June 2, and MAGA Hat peaked at $0.0007379 on May 27.

The significant price fluctuations that led these tokens to new highs were triggered by the market’s response to former US President Donald Trump’s growing interest in crypto.

In addition to his crypto-friendly stance and commitments, recent developments involving the former president contributed to the surge in memecoins and his cryptocurrency holdings.

Following the guilty verdict in New York, memecoins like Never Surrender (TRUMP) and FreeTrump (TRUMP) skyrocketed, resulting in Donald Trump’s crypto wallet exceeding $30 million in donations, as reported by blockchain security firm Arkham Intelligence.

Despite the recent price drops, the total value of holdings in wallets associated with the 2024 Republican Party presidential candidate has decreased.

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