Claim BonusTrump-themed MAGA Plummets From All-Time High: Is Recovery In Sight?
MAGA, the trending meme coin themed after former US President Donald Trump is down today after a sharp rise to a new all-time high. The asset has been on a roll this month soaring to new highs as traders increase their appetite for meme coins. Macroeconomic factors and the upcoming United States Presidential Elections also played a part in the token’s rise.
However, the intra-day trading has seen the MAGA price plunge following sell-offs in the market. At press time, MAGA trades at $12.03, a 4% decline in the last 24 hours. The market cap also dropped to $529 million signaling reduced momentum amid inflows in some tokens. Daily trading volumes nosedived 39% to $19.6 million with shaky day trading.
MAGA Tapping A New All-Time High
MAGA hit a new all-time high again this month after surging to $13.29 on May 29 as bulls increased market activities. This surge comes following positive comments from Donald Trump on the sector ahead of the U.S. elections. On May 27, the crypto holdings of the former President hit $10 million.
On May 26, the asset also hit another all-time high sparked by an appearance at the Libertarian National Convention. These price upticks also saw traders netting huge rewards. A crypto trader raked in $2.7 million in profits in three days from the asset souring wider community reactions.
The asset’s daily performance ranges from a high of $12.89 to a low of $11.06. On the larger scale, MAGA is up over 154,000% since its all-time low 9 months ago.
Recovery on The Horizon?
Meme coins still show prospects despite short-term sideways trading in the last 24 hours. Several commentators opine that factors leading to a rise in MAGA are still present with more inflows expected in the wider market.
Institutional investors continue to invest in the market shaping the sentiment alongside crypto becoming a major issue at the forthcoming elections. However, delays or rate hikes will see investors move out of risky assets causing a drop in MAGA and other meme coins.
Also Read: Dogecoin and Other Dog Based Meme Coins Bullish Outlook For June
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Prediction Market News: Polymarket to Offer Attention Markets Amid Regulatory Crackdown
- How “Quiet Builders” Are Winning the Web3 Race
- XRP News: Ripple Taps Zand Bank to Boost RLUSD Stablecoin Use in UAE
- BitMine Keeps Buying Ethereum With New $84M Purchase Despite $8B Paper Losses
- Polymarket Sues Massachusetts Amid Prediction Market Crackdown
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
