Trump-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
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