Trump-themed memecoins are down despite Presidential victory.
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Key Takeaways
Popular Trump-themed memecoins are down up to 50% after feverish overnight trading.
PolitiFi markets have seen almost $1 billion in 24-hour trading volumes.
The Kamala Horris memecoin is down 91.7% and has a market cap under $1 million.
The top five Trump-themed memecoins by market cap have experienced relatively heavy losses as the U.S. Presidential Elections conclude with a historic victory from Donald Trump.
Despite being “cryptos President” with enormous support from the industry and community, Trump-theme tokens have suffered losses despite their figurehead’s success.
Source: CoinGecko
With a market cap exceeding $105 million, MAGA (TRUMP) is the most popular Trump-themed token. The token climbed to a high of $4.63 in the early hours before plummeting 33.2% to $2.30 at the time of writing.
MAGA Hat (MAGA) also suffered sizeable losses, dropping 37.3% in value and seeing its market cap crumble from over $80 million to roughly $43 million in a matter of hours.
Doland Tremp (TREMP) also fell significantly in recent hours, plummeting 41% from a recent high of $0.43 to around $0.18, and lost approximately $25 million from its market cap.
Dark MAGA (DMAGA) saw the most significant price gains overnight, climbing from $0.008 to $0.02 overnight. It has since collapsed below pre-election prices and is trading at $0.007, shedding over $10 million from its market cap.
Super Trump (STRUMP) dropped 52.8% in value from just above $0.007 to $0.002 in recent hours, and it also shed around $10 million from its market cap.
Lesser known memecoins such as Corn (CORN) and MAGA Coin BSC (MAGA) grew over 30% last night, though tokens exist more on the micro-cap/shady contracts degen side of memecoin trading.
PolitiFi Down
Overall, the PolitiFi space is down 12.9% despite trading volumes skyrocketing. In anticipation of the election, many new, low market cap memecoins were produced to capitalize on the hype.
Source: CoinGecko
However, it’s worth noting that there was feverish trading activity overnight as election results dripped in State by State.
Ultimately, all that buying pressure had to pop at some point, and many other Trump-themed tokens exploded in value.
The PolitiFi market, though rife with useless and highly speculative memecoins, has seen almost $1 billion in 24-hour trading volumes.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
