Originally published on: November 07, 2024
The aftermath of Donald Trump’s US election victory led to a dramatic crash in Trump-themed memecoins, while the rest of the crypto market soared to new heights. MAGA (TRUMP), the top Donald Trump-themed memecoin by market capitalization, surged to $4.60 following the election results but nosedived by 53% to $1.87 within 24 hours, as per CoinGecko data.
Trump currently holds around 579,290 TRUMP tokens valued at approximately $1 million, according to Arkham Intelligence. Other Trump-inspired memecoins like MAGA Hat (MAGA) also witnessed a sharp decline, plummeting by 55% to $0.0002 post-election spike.
Notably, other loosely Trump-themed memecoins like Dark MAGA (DMAGA), Super Trump (STRUMP), and MAGA: Fight for Trump (TRUMPCOIN) also saw significant drops in value.
While Trump emerged victorious on November 6th, other memecoins experienced a rise. Dogecoin surged 10%, Shiba Inu rose by 6%, and PEPE climbed 18% on the day, according to CoinGecko. The day also marked a new all-time high for Bitcoin, hitting $76,228, with Ether also surging by 12% to cross $2,800.
The Trump memecoin mayhem unfolded as the crypto market showed a mix of volatility and growth post-election results. Stay tuned for more updates on the crypto market trends and insights. Don’t miss out on the latest news and analysis by subscribing to our Markets Outlook newsletter today!
