- Trump-inspired memecoins plunged as mainstream tokens like Dogecoin and Shiba Inu rose.
- Bitcoin hits a new all-time high, while the PoliFi market cap unexpectedly droped post-election.
Following Donald Trump’s win as the 47th President of the United States, financial markets surged. Bitcoin [BTC] hit an all-time high of over $76k, surpassing its March peak.
At press time, BTC continued to climb and was trading at $76,169.80. This marked a 1.54% gain in the past 24 hours and a 9.51% increase in the last week, according to CoinMarketCap data.
Trump memecoins face a setback
In contrast to Bitcoin’s bullish momentum, the PoliFi market faced an unexpected decline. Its market cap fell 10.5% over the past day to $492 million, indicating a divergence in crypto market sentiment amid post-election optimism.
Meanwhile, in the aftermath of Trump’s victory, Trump-inspired memecoins took a dramatic hit.
The top Trump-themed token by market cap, MAGA [TRUMP], initially surged to $4.60 on election night but plummeted by 53% in the following 24 hours, and was trading at $1.87, at the time of writing.
MAGA Hat [MAGA] token mirrored this drop, falling 55% from its election high of $0.0002.
Other Trump-related tokens faced similar losses. Dark MAGA [DMAGA] plunged by 75%, Super Trump [STRUMP] decreased by 50%, and MAGA: Fight for Trump [TRUMPCOIN] sank by 56%.
This indicated a swift downturn in enthusiasm for Trump-inspired digital assets.
However, as of the 8th of November, the rate of decline in Trump-themed memecoins has slowed, with some signs of stabilization beginning to emerge.
TRUMP was down 11.3% over the last 24 hours, while MAGA had decreased by 22.9%, DMAGA by 19.2%, and TRUMPCOIN by 10.5%.
These fluctuations suggested that the memecoin market remains volatile and unsettled, with some tokens showing resilience despite recent dips.
Thus, as sentiment continues to shift, there’s potential for additional tokens to follow a bullish trend soon.
Other memecoins surf in the bullish zone
Interestingly, the recent downturn seems isolated to Trump-themed memecoins. Other popular tokens like Dogecoin [DOGE]], Shiba Inu [SHIB], Pepe [PEPE], and Dogwifhat [WIF] have gained 2-3% in the last 24 hours.
Despite declines in Trump-inspired tokens, the broader meme coin market shows positive momentum. The total meme market cap has reached $75 billion, reflecting a 1.3% increase over the same period, according to CoinGecko.
This contrast highlighted a distinct divergence within the meme coin sector. Traditional favorites maintained upward trends, while Trump-related coins were experiencing turbulence.
Reflecting on the varied performance among various memecoins, Ash Crypto put it best when he said,
“This is example for all the memecoin traders when they ask ” what dop you mean by meme dont have any utility ?””
Adding to the fray was another user on Reddit said,
Source: Reddit
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