- Despite the excitement around Trump’s win, Trump-themed memecoins like MAGA (TRUMP) and MAGA Hat (MAGA) saw significant drops.
- While Trump-themed tokens crashed, Bitcoin reached a new all-time high, hitting $76,460.
- The sharp rise and fall of Trump-themed coins and major cryptocurrencies remind investors of the inherent volatility in the crypto market.
Trump-Themed Memecoins Plummet After Election Win, While Bitcoin Hits Record High
Donald Trump-themed memecoins took a nosedive just a day after his election win in the U.S. This sharp drop surprised many, especially as the broader crypto market was booming.
At the same time, Bitcoin reached a new all-time high, adding to the market’s excitement. Trump-inspired tokens didn’t follow the trend. These tokens lost value rapidly, showing how volatile themed coins can be, even in a bull market.
The Trump-themed memecoin, called MAGA (TRUMP), saw a huge jump on November 6, when the election results came in. TRUMP spiked to $4.60, marking its highest point since launch.
However, the celebration did not last long, as the coin’s value dropped sharply by 53%, hitting $1.87 just within 24 hours, according to CoinGecko data.
As a result, investors have been left wondering if the hype has worn off or if this is just another twist in the wild world of memecoins.
Donald Trump holds around 579,290 TRUMP tokens, according to Arkham Intelligence. Right now, these tokens are worth about $1 million. It’s a sizable amount, showing his link to this unique crypto space.
Another Trump-themed token, the MAGA Hat (MAGA) memecoin, had a similar fate. After the election win, MAGA Hat saw a brief surge, hitting $0.0002, before dropping by 55%.
Both tokens felt the impact, reminding investors how quickly these coins can swing up and down.
Other Trump-inspired memecoins also dropped hard. Dark MAGA (DMAGA) took the biggest hit, falling 75%. Also, Super Trump (STRUMP) was down by 50%, losing half of its value.
Likewise, MAGA: Fight for Trump (TRUMPCOIN) also struggled, dropping by 56%. Each coin faced heavy losses, showing how unstable themed tokens can be.
Memecoins, Bitcoin, and Ether Surge to New Heights as Trump Wins Election
Donald Trump won the presidential election; he crossed the 270-vote mark needed to win. Trump secured 295 electoral votes, while Kamala Harris had 226. Only 17 more votes were left to be counted in Nevada and Arizona, but Trump’s lead was clear, and his victory was solid.
While Trump-themed memcoins declined, other memcoins soared. Dogecoin (DOGE) saw a 10% gain, reaching $0.20, while Shiba Inu (SHIB) surged 6%, showing steady growth. Also, PEPE, the third-largest memecoin, surged by 18%.
Investors were watching closely as the crypto world showed its unpredictable side. The sharp drop in Trump memecoins came when Bitcoin (BTC) hit new highs. Bitcoin reached an all-time high of $76,400 in late trading on November 6.
While it has pulled back slightly, the coin still trades above $74,800, with over 1% price increase in the past day. Bitcoin’s rise was a major highlight, showing its continued strength in the market. While Trump-themed tokens struggled, Bitcoin’s success seemed to take center stage.
Similarly, after being quiet for a while, Ether joined the rally, rising 12% in early trading on November 7 to surpass $2,800.
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