Trump’s MAGA Coin Slumps 33%, Failing to Get Major Listings

Donald Trump’s MAGA coin drops severely in value overnight as TRUMP bumps into a major listing stumble block.

Donald trump looking at some negative charts.
Created by Gabor Kovacs from DailyCoin
  • Major crypto players on Ethereum sell massive amounts of MAGA (TRUMP).
  • The presidential candidate’s self-styled TRUMP coin plummets to single digits.
  • Dev team representative explains why major platforms avoid listing TRUMP.

The Donald Trump-themed MAGA (TRUMP) token, which skyrocketed to an all-time peak of $17.51 on the first day of June 2024, is failing to gain traction among popular crypto exchanges. While the token is mostly traded in the decentralized waters of the crypto sphere, its trading on centralized exchanges (CEXs) remains limited, with only smaller platforms listing the coin—MEXC, LBank, CoinEx, and others.

True Reason Behind TRUMP’s Listing Refusal

Donald Trump’s self-styled MAGA (TRUMP) coin has already backtracked over 50% since its all-time peak, but that’s not the only reason why the coin is facing difficulties in negotiating listings on major exchanges like Binance, OKX, Kraken, and Bybit. To illustrate, the token’s marketing director, Steven Steele, described the result of MAGA listing requests on Kraken.

Rejected for being “too political,” Steven Steele has drawn attention to the fact that Kraken’s crypto exchange has listed two political parody coins – Doland Tremp (TREMP) and its counterpart Jeo Boden (BODEN). According to MAGA’s marketing director, the refusing exchanges are “exhibiting embarrassing levels of cowardice that is also incredibly tone deaf to the current memecoin landscape and their own customers.”

Are Large Holders Really Ditching TRUMP?

During the massive TRUMP price dip on July 18, 2024, several crypto whales were spotted making on-chain moves. One major TRUMP stakeholder on Ether decided to bid adieu to their 171,842 TRUMP tokens for 414 ETH, making a juicy return of 1,428% and banking a $3.7M profit.

This whale’s move was followed by similar action hours later, as reported by blockchain research platform LookOnChain. A similar return of 1,500% was claimed by trader sighduck.eth, who banked $1.88M in profit after selling off 173,542 TRUMP coins. Finally, another heavy TRUMP sell-off was spotted six hours later as one ETH whale sold off 128,059 TRUMP coins to capitalize a realized profit of $648K, or 1,164%.

As of press time, TRUMP is priced at $8.24, rebounding 16.3% after yesterday’s rapid downswing to monthly lows of $6.15. With a global market cap of $386.8 million, TRUMP is the second-largest asset in the PolitiFi sector, only falling behind ConstitutionDAO (PEOPLE), which has a $431 million market capitalization.

On the Flipside

  • Even though the TRUMP developer team is not directly associated with Donald Trump and his presidential campaign, according to Arkham Intelligence, this meme coin remains the largest asset in Trump’s publicly trackable cryptocurrency wallet.
  • In addition, Trump’s self-styled coin now faces severe competition from the newly merged TrumpCoin (DJT), which, according to the on-chain sleuth ZachXBT, is claimed to have been deployed by Martin ‘Pharma Bro’ Shkreli.

Why This Matters

These politician-themed satire coins created PolitiFi, a brand-new niche in crypto. According to CoinGecko, these niche meme coins are already encircling a combined market capitalization of $1.15 billion at a very early stage.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.