After Donald Trump secured his position as the 47th President of the United States, we witnessed a surge in the financial markets. Bitcoin [BTC] saw a record high exceeding $76,000, surpassing its previous peak in March.
Currently, BTC continues to climb, with a trading price of $76,169.80. This represents a 1.54% increase in the last 24 hours and a significant 9.51% rise over the past week, as per data from CoinMarketCap.
Challenges Faced by Trump Memecoins
In stark contrast to Bitcoin’s positive trajectory, the PoliFi market experienced an unexpected setback. The market cap dropped by 10.5% in a single day, dwindling to $492 million. This downturn revealed a discrepancy in market sentiment within the crypto sphere post the election optimism.
Conversely, Trump-inspired memecoins encountered a substantial blow following Trump’s victory.
The leading Trump-themed token, MAGA [TRUMP], surged to $4.60 on election night but nosedived by 53% within the subsequent 24 hours, plummeting to $1.87 at the time of reporting.
A similar fate befell MAGA Hat [MAGA] token, which tumbled by 55% from its peak of $0.0002 during the election period.
Other tokens related to Trump witnessed equivalent losses, with Dark MAGA [DMAGA] plunging by 75%, Super Trump [STRUMP] decreasing by 50%, and MAGA: Fight for Trump [TRUMPCOIN] sinking by 56%.
This indicated a sudden drop in enthusiasm for digital assets associated with Trump.
Notwithstanding, by the 8th of November, the decline rate of Trump-themed memecoins had slowed down, hinting at a possible stabilization setting in.
TRUMP registered an 11.3% downturn over the past 24 hours, while MAGA decreased by 22.9%, DMAGA by 19.2%, and TRUMPCOIN by 10.5%.
These fluctuations underscored the persistent volatility and uncertainty in the memecoin market, although some tokens displayed resilience amidst recent downturns.
Consequently, as market sentiments undergo changes, there exists a potential for additional tokens to experience an upward trend in the near future.
Positive Trends in Other Memecoins
Interestingly, the aforementioned downturn appears to be confined to Trump-themed memecoins. Other prominent tokens such as Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and Dogwifhat [WIF] have observed an increase of 2-3% in the last 24 hours.
Despite the setbacks faced by Trump-related tokens, the broader meme coin market is displaying a positive momentum. The overall meme market cap has risen to $75 billion, denoting a 1.3% increment over the same period, as reported by CoinGecko.
This stark contrast sheds light on the divergence within the meme coin sector. While traditional favorites continue their upward trajectory, Trump-linked coins are navigating through turbulent waters.
Considering the varied performances of different memecoins, Ash Crypto succinctly captured the essence by stating,
“This serves as a lesson for all memecoin traders when they question the utility of memes.”
Adding to the discourse, a Reddit user remarked,