Donald Trump-themed memecoins faced a dramatic collapse the day after Trump’s 2024 presidential election victory, as most of these tokens lost significant value despite a broader surge in the crypto markets.
MAGA (TRUMP) Token Takes a Hit
The leading Trump-themed memecoin by market capitalization, MAGA (TRUMP), initially spiked to $4.60 on November 6, following Trump’s victory announcement. However, it quickly plummeted 53% within 24 hours, falling to $1.87, according to CoinGecko. Despite the loss, it’s noted that Trump holds around 579,290 TRUMP tokens, which are currently valued at approximately $1 million, according to Arkham Intelligence.
MAGA Hat and Other Trump Memecoins Drop
Other Trump-themed memecoins also experienced massive declines:
- The MAGA Hat (MAGA) memecoin dropped 55% over the same period, despite spiking to $0.0002 after the election win.
- Dark MAGA (DMAGA) fell 75%.
- Super Trump (STRUMP) dropped 50%.
- MAGA: Fight for Trump (TRUMPCOIN) plummeted 56%.
Crypto Market Trends
While Trump-themed memecoins took a significant hit, the rest of the cryptocurrency market saw positive momentum, with Bitcoin reaching an all-time high and other major memecoins experiencing gains.
- Dogecoin surged 10%, reaching $0.20.
- Shiba Inu rose 6%, while the third-largest memecoin by market cap was up 18%.
Election Context
Trump won the election on November 6, securing 295 electoral votes, surpassing the 270-vote threshold, with just 17 more electoral votes left to be counted in Nevada and Arizona.
Conclusion
Despite Trump’s political victory, his associated memecoins faced a sharp decline in value, with most of them dropping by over 50%. Meanwhile, the broader cryptocurrency market—including popular memecoins like Dogecoin—continued to rise, signaling that Trump’s victory did not translate into sustained gains for his memecoin empire. The sudden and dramatic falls of these tokens highlight the volatility and unpredictability of memecoins, even when tied to high-profile figures like Trump.
