Trump-themed tokens drop 50% despite broader crypto gains
Donald Trump-themed memecoins saw sharp declines following his U.S. presidential victory on Nov. 6, despite a general rally in the crypto market.
While Bitcoin (CRYPTO:BTC) surged to a new all-time high of $76,228 and Ether (CRYPTO:ETH) jumped 12% to exceed $2,800, Trump-related tokens plummeted.
MAGA (CRYPTO:TRUMP), the largest Trump-themed memecoin by market cap, initially surged to $4.60 when election results were announced.
However, it has since dropped 53% to $1.87, based on CoinGecko data.
Another token, MAGA Hat, fell 55% over the same period after spiking to $0.0002 post-election.
Dark MAGA (CRYPTO:DMAGA) and Super Trump (CRYPTO:STRUMP) also faced significant losses, with declines of 75% and 50%, respectively.
TRUMPCOIN, branded as "MAGA: Fight for Trump," dropped 56%.
Donald Trump, holding approximately 579,290 TRUMP tokens valued at $1 million, according to Arkham Intelligence, has yet to address these rapid market changes.
Conversely, broader memecoin favorites like Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB) rose 10% and 6%, respectively, while PEPE (CRYPTO:PEPE) surged 18%, demonstrating contrasting fortunes within the meme sector.
Bitcoin's price rise underscored the broader market momentum, bolstered by Trump's win as the 47th president, where he secured 295 electoral votes over Kamala Harris’ 226, with only a few more votes pending in Nevada and Arizona.
The decline in Trump-themed tokens amid a general market uptick highlights the volatility and speculative nature of niche memecoins.
At the time of reporting, the MAGA (TRUMP) price was $1.70.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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