Trump-inspired memecoins experience declines as Trump Media shares slip

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11th June 2024 – (New York) While still prominent in the world of politics-inspired memecoins, TRUMP, MAGA, and STRUMP were trading lower during Monday afternoon trading.

CoinMarketCap data revealed that MAGA Hat’s price had dropped by over 15%.

In the meantime, TRUMP and STRUMP witnessed a reduction in their recent gains, with decreases of -8.3% and -4.4% respectively over the past week. Both tokens also experienced declines in the past 24 hours, with increased volatility causing prices to reach $13.74 and $0.02239 respectively.

Trump Media’s shares (DJT) fell by more than 7% in early trading on Monday, reaching a low of $41.13 at the time of writing. This decline followed the company’s filing of a reaudited financial report, and it was revealed that Semple, Marchal & Cooper, LLP had been hired for the reaudit. The previous auditor of Trump Media was recently charged with fraud by the U.S Securities and Exchange Commission (SEC).

The market’s reaction to former U.S President Donald Trump’s growing acceptance of cryptocurrencies, along with recent events surrounding him, led to the surge in memecoins and his wallet holdings. However, the recent price declines have resulted in a decrease in the total value of the wallets linked to the 2024 Republican Party presidential candidate.