Claim $500Trump-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.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
