Memecoins associated with Donald Trump plummeted while the broader crypto market saw gains.
The Decline of Trump Memecoins Post-Election Victory
The day after Trump’s victory in the U.S. election, Trump-themed memecoins saw a significant decline, while the broader crypto market experienced growth, with Bitcoin reaching a new all-time high.
The primary Trump-themed memecoin by market capitalization, MAGA (TRUMP), reached $4.60 on November 6, the day of the election results announcement. However, within 24 hours, it fell by 53% to $1.87, according to CoinGecko. Arkham Intelligence reports that Trump allegedly holds 579,290 TRUMP tokens, currently valued at about $1 million.
Similarly, the unrelated MAGA Hat (MAGA) memecoin dropped by 55% following the election victory after initially rising to $0.0002.
Other Trump Memecoins Also Declined
Other Trump-themed memecoins also saw significant losses. Dark MAGA (DMAGA) dropped by 75%, Super Trump (STRUMP) fell by 50%, and MAGA: Fight for Trump (TRUMPCOIN) decreased by 56%.
Trump's victory came on November 6 with 295 electoral votes to Kamala Harris’s 226, with 17 votes still outstanding from Nevada and Arizona.
Growth Among Other Memecoins
Meanwhile, other memecoins saw gains. Dogecoin rose 10% in one day to reach $0.20, Shiba Inu increased by 6%, maintaining its position as the third-largest memecoin by market capitalization, and PEPE rose 18%, according to CoinGecko.
Trump’s memecoin crash occurred as Bitcoin reached a new all-time high, trading at $76,228 according to TradingView.
Even Ether woke from a long slumber, posting a 12% increase, reaching $2,800 during trading on November 7.
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