Coinspeaker Donald Trump-Themed Meme Coins See Classic Pump and Dump after Election Victory
On the day of the news of Donald Trump’s victory in the 2024 Presidential race, the Trump-themed meme coins rallied strongly. However, it seems to be the case of a classic pump and dump as the MAGA TRUMP $2.27 24h volatility: 26.9% Market cap: $103.44 M Vol. 24h: $67.30 M coin collapsed 53% on the day after the declaration of election victory.
Just as the election results rolled out on November 6, the top Donald Trump-themed meme coin by market capitalization, MAGA (TRUMP), surged all the way to $4.60. However, as said, it has plummeted more than 53% since then and is currently trading under $2, as of press time.
According to data from Arkham Intelligence, Donald Trump holds a total of 579,290 TRUMP tokens, which are currently worth more than $1 million. The unrelated MAGA Hat (MAGA) meme coin also saw a sharp drop, falling around 55% over the past 24 hours after peaking at $0.0002 following the election victory.
Other loosely Trump-themed tokens saw significant declines, with Super Trump (STRUMP) down 50%, MAGA: Fight for Trump (TRUMPCOIN) dropping 56%, and Dark MAGA (DMAGA) plunging 75%.
On November 6, Donald Trump seized a decisive victory with the Republican red wave spreading all across America. Apart from the Presidency, he also won the Senate majority and the House majority which puts his administration at the forefront of all key decision-making over the next four years.
Arizona just declared for @realDonaldTrump, making it a clean sweep of all swing states!
Massive red wave success! It is beyond a landslide, as Republicans won:
– Presidency– Popular vote– Senate majority– House majority– State governor majority– State legislature majority…
— Elon Musk (@elonmusk) November 7, 2024
Crypto market veterans have been expecting friendlier policies from Donald Trump while staying up to his promises of regulatory clarity and making America the crypto capital of the world. It will be interesting to see once Trump takes the charge in January 2025, how long will it take for new crypto policies to roll out.
The Trump-themed meme coin plunge unfolded as Bitcoin BTC $75 149 24h volatility: 2.6% Market cap: $1.49 T Vol. 24h: $87.18 B hit a new all-time high, reaching $76,228 in late trading on November 6. Meanwhile, Ether ETH $2 816 24h volatility: 8.7% Market cap: $338.43 B Vol. 24h: $38.09 B has also surged, climbing 12% to surpass $2,800 in early trading on Nov. 7 after a prolonged period of low movement
Meme Coin Sector Takes a Pause
Following a stunning 28% Dogecoin price rally yesterday, the broader meme coin sector is also seeing some retracement today. As of press time, the DOGE DOGE $0.19 24h volatility: 0.3% Market cap: $28.27 B Vol. 24h: $7.49 B price is trading down 7.74% as bulls fail to take past the crucial resistance of $0.20, which would otherwise set DOGE on a parabolic rally ahead.
Similarly, other meme coins like Shiba Inu SHIB $0.000019 24h volatility: 2.2% Market cap: $11.13 B Vol. 24h: $1.22 B , Dogwifhat WIF $2.35 24h volatility: 2.1% Market cap: $2.34 B Vol. 24h: $997.00 M , and Bonk BONK $0.000022 24h volatility: 2.7% Market cap: $1.54 B Vol. 24h: $368.43 M have also corrected by 4-5%. However, one meme coin that continues to outperform is the PEPE Coin PEPE $0.000010 24h volatility: 13.0% Market cap: $4.34 B Vol. 24h: $2.61 B registering another 7% gain today.
Trump-ally and billionaire Elon Musk is likely to get a crucial role in his administration. Over the past few months, Musk has been teasing the Department of Government Efficiency (D.O.G.E). It will be interesting to see if Musk has any role in policymaking.
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Donald Trump-Themed Meme Coins See Classic Pump and Dump after Election Victory
