The fervor surrounding presidential meme coins continues unabated, with the MAGA/TRUMP token achieving a record-breaking high of $15.4 on May 29. This remarkable surge has seen TRUMP experience a notable 48% increase over the past week and a staggering 180% rise over the past month, according to data from CoinMarketCap. However, the memecoin's value has since experienced a 10.6% decline, currently trading at $13.66, with its market capitalization also falling to $600 million.

This recent surge in the MAGA/TRUMP token's value can be attributed to several significant developments in the cryptocurrency space. On May 29, prominent media personality Caitlyn Jenner publicly endorsed the MAGA token on the social media platform X, lending significant credibility to the token. Furthermore, reports have emerged of substantial whale-buying activity in recent months, with a notable instance involving a trader purchasing over $1 million worth of TRUMP tokens following Trump's re-election campaign announcement last November. At the token's peak value on May 29, these tokens were valued at an impressive $15.7 million, sparking speculation about a potential sale.

The recent price surge has also led to varied responses from whale investors, with some opting to sell their TRUMP holdings to capitalize on profits and diversify their investments into other memecoins associated with the former president. Conversely, others are adopting a wait-and-see approach, anticipating potential further growth. As a result of this surge, the former president and leading Republican presidential candidate, Donald Trump, has seen his holdings increase to $7.89 million as of Thursday.

It is important to note that MAGA/TRUMP is not the sole meme coin leveraging the former president's name and brand for success. The Super Trump (STRUMP) token, an ERC20-based token, experienced a notable 53% increase over the past day, reaching $0.01545 per coin. This token also achieved an all-time high of $0.02241 on May 29 but has since declined by over 31%. Another token, TRUMP'S HAT (MAGA), reached its all-time high just three days ago.

During his appearance at the 2024 Libertarian National Convention on May 25, Trump addressed various crypto-related topics, including his support for self-custody rights, opposition to central bank digital currencies, and advocacy for the release of incarcerated Silk Road founder Ross Ulbricht. Notably, Trump expressed a newfound openness towards the cryptocurrency industry, marking a significant shift from his previous criticism of Bitcoin and other cryptocurrencies. This change in stance highlights the growing significance of cryptocurrency in political discourse.