Trump-themed memecoins have crashed despite Donald Trump’s election win on Wednesday.
The tokens which were doing very well at the beginning of the election week are suddenly dropping by double digits after Donald Trump’s election win.
Trump-themed memecoins like TRUMP, MAGA, TREMP, and STRUMP are down by double digits with their total market capitalization down by 21% a day after Trump’s victory.
The drop was experienced by various Trump memecoins including MAGA, the largest Trump-themed meme coin in terms of market cap. MAGA dropped by 50.7% over the past 24 hours, exchanging hands at $1.71 at press time. The meme coin’s market cap fell from $212 million on Nov 6 to a shocking $79 million at the time of writing.
MAGA Hat another important member of the Trump-themed ecosystem dropped by double digits. MAGA HAT a meme token inspired by Trump’s iconic red hat worn during his political campaigns collapsed by 51% with its market cap falling to $39 million at the time of writing.
Dark MAGA, another Trump memecoin noted for seeing the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight also experienced a drop.
The Dark MAGA meme coin has since plunged by 62% from its pre-election level and is currently trading at $0.0045, wiping out over $13.5 million from its market cap.
Finally, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million in the space of two days.
Other Trump-themed memecoins that previously benefitted from the pre-election Donald Trump momentum but have now dropped in price include Doland Tremp, TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50–65%.
The Trend followed by the memecoins is a quite familiar one for memecoins which are often characterized by Sharp sell-offs after a peak moment.
Before the drop in price levels of these memecoins, they were surging in price, especially on election day. The odds of Donald Trump winning the election surged to new highs on Polymarket and the meme coins inspired by him were all doing well.
The Pattern is quite common with PoliFi tokens which are also known as event coins. Their value is largely tied to political developments which can easily swing both ways making them extremely volatile.
What to Know
- The Trump Memecoins fall under the category of PoliFi tokens and they are tokens inspired by Political figures. Aside from Trump-themed PoliFi Tokens other PoliFi Tokens like JOE BODEN and Kamala Horris exist as well.
- Memecoins are extremely volatile and notorious for double-digit losses. Traders are advised to invest with what they can only afford to lose.