Source: IndiaToday
Key Points:
- Following frantic overnight trade, popular Trump-themed memecoins have dropped by as much as 50%.
- Around $1 billion has been traded on PolitiFi exchanges in a 24-hour period.
- Kamala Horris memecoin has a market value of less than $1 million and is down 91.7%.
In the past, there was a lot of buzz surrounding political meme coins in the cryptocurrency market. However, they have recently experienced major crashes. This highlights their volatility and speculative nature. It appears that investors are selling the news, with traders capitalizing on market volatility following the U.S. presidential election result
As a startling illustration, Kamala tokens fell 95% from the day before, essentially disappearing from the cryptocurrency landscape. The token’s cost has fallen to $0.0003148 as of this writing.
Kamala Harris Token Price, Source: CoinMarketCap
Coins with memes about Donald Trump With their combined market value down more than 21% for the day, TRUMP, MAGA, TREMP, and STRUMP have all plummeted since Trump won the U.S. election.
MAGA The market capitalization of the biggest Trump-themed meme coin dropped 50.7% in the last day, trading at $1.71 at the time of writing. At the time of writing, the altcoin’s market capitalization was $79 million, down from $212 million on November 6.
MAGA Hat is a meme symbol inspired by Trump’s distinctive red hat, which he wore throughout presidential campaigns. Its market capitalization was formerly higher. However, MAGA Hat’s market capitalization has fallen. It is now valued at $39 million.
MAGA Token Price, Source: CoinMarketCap
On November 5, Dark MAGA witnessed the biggest gains, going from $0.008 to $0.0018 overnight. Since the election, the meme coin has dropped 62%. The price was $0.0045. Its market value has dropped by more than $13.5 million as a result. Super Trump (STRUMP) also saw a precipitous decline. Its market capitalization dropped by $11 million.
DolandTrump, TrumpCoin, Trump 47 (47), and Pepe Trump (PTRUMP) are some well-known meme coins that initially profited from Trump’s election victory but have since plummeted, with losses ranging from 50 to 65%.
As is often the case with meme coins, traders sold the news. As was the case with Dogecoin, the first and biggest meme coin in the market, meme currencies sometimes see steep sell-offs following excitement peaks.
The excitement surrounding political events, like elections or demonstrations, where supporters unite around certain candidates or issues, frequently fuels the tokens’ explosive rise. When the excitement subsides or the political event is over, these currencies lose their allure, which causes sharp price swings.
