Trump Memecoins Crash: Tokens Plunge 50% After US Election Win
Date: 2024-11-07 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
Donald Trump-themed memecoins have seen a sharp decline the day after he won the US presidential election on November 6, despite the overall crypto market rally and Bitcoin hitting a new all-time high. The leading Trump-themed memecoin by market cap, MAGA (TRUMP), peaked at $4.60 on the day the election results were announced, but within 24 hours its value had fallen 53% to $1.87, according to CoinGecko.
Trump reportedly owns around 579,290 TRUMP tokens, which at current rates is worth around $1 million, according to Arkham Intelligence. Another memecoin not directly associated with Trump, MAGA Hat (MAGA), also lost about 55% of its value after initially rising to $0.0002, CoinGecko notes.
Other memecoins associated with Trump's image also fell: Dark MAGA (DMAGA) lost 75% of its value, Super Trump (STRUMP) fell 50%, and MAGA: Fight for Trump (TRUMPCOIN) fell 56%.
Donald Trump won the November 6 election with 295 popular votes to Kamala Harris' 226, with the remaining 17 votes coming from Nevada and Arizona.
Meanwhile, other memecoins are showing gains today: Dogecoin (DOGE) is up 10% to $0.20, Shiba Inu (SHIB) is up 6%, and PEPE, the third-largest memecoin by market cap, is up 18%, according to CoinGecko.
The fall in Trump memecoins comes as Bitcoin hit another all-time high, hitting $76,228 in late trading on November 6, according to TradingView. Ethereum (ETH), meanwhile, is also up 12%, resuming activity after a long period of stagnation.
