Donald Trump

MAGA: Fight for Trump

Shiba Inu

<p>The cryptocurrencies inspired by Donald Trump suffered a spectacular rout following his victory in the American presidential election, even as Bitcoin set a new historical record.</p>
<h2 id="h-une-debacle-inattendue-dans-l-euphorie-de-la-victoire-de-trump">An unexpected debacle in the euphoria of Trump’s victory</h2>
<p>It was on the evening of November 6, 2024, a few hours after the announcement of <a href="https://www.cointribune.com/en/trumps-shocking-speech-in-which-he-proclaims-himself-the-winner-of-the-american-presidential-election/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump’s victory</a> with 295 electoral votes against 226 for Kamala Harris, that the Trump memecoins market began to collapse.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>The MAGA token (TRUMP), the leader in this category, initially peaked at $4.60 in the euphoria of the results, before plummeting 53% to settle at $1.87.</p>
<p>This downward trend spared none of the tokens related to the former president. The MAGA Hat (MAGA) lost 55% of its value, while Dark MAGA (DMAGA) collapsed by 75%. Even peripheral tokens like Super Trump (STRUMP) and MAGA: Fight for Trump saw their value decrease by more than 50%.</p>
<p>Notably, Donald Trump himself is said to hold around 579,290 TRUMP tokens, now valued at only $1 million according to <a href="https://cointelegraph.com/news/trump-memecoins-tank-40-after-us-election-victory" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence data</a>.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://coinbase-consumer.sjv.io/c/2801338/552039/9251" target="_blank" rel="noopener noreferrer nofollow">Your 1st cryptos with Coinbase</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-le-reste-du-marche-crypto-en-pleine-euphorie">The rest of the crypto market in full euphoria</h2>
<p>Paradoxically, this correction occurs in a particularly favorable context for the cryptocurrency market as a whole. <a href="https://www.cointribune.com/en/ethereum-awakens-as-bitcoin-marks-a-new-all-time-high-technical-analysis-of-november-6-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin has hit a new historical record</a> by surpassing $76,000, while Ethereum jumped 12% to reach $2,800.</p>
<p>The traditional memecoins are also benefiting from this positive dynamic: <a href="https://www.cointribune.com/en/trumps-victory-a-jackpot-for-dogecoin-crypto/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin is up</a> 10% to $0.20, Shiba Inu is up 6%, and PEPE shows an impressive performance of +18% for the day.</p>
<p>This dichotomy between the collapse of Trump memecoins and the shining health of the rest of the <a href="https://www.cointribune.com/en/top-3-crypto-projects-to-watch-in-the-next-bull-run/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> underscores the highly speculative nature of these thematic tokens. Investors seem to prefer more established cryptos in a bullish market context.</p>

Crypto: Why Do Trump Memecoins Plunge Despite His Victory?

Table of Contents

Cointribune EN

Other articles published on Nov 7, 2024

Impact of $9.3B Worth ERC-20 Tokens Entering Exchanges on Ethereum Market

Rekt Raises $1.5M Seed Round Backed by Angels and Community, Following Sell-Out Success of Rekt D...

Pundi X to Integrate Alchemy Pay into Decentralized Payment Platform by Q1 2025

Bitunix Responds to Pro Trader Demand with New Copy Trading Feature

Top Ethereum Price Predictions as ETH Soars 8% in the Past 24 Hours

Hashkey’s Native Token HSK Debuts in Global Innovation Zone

Join our free newsletter for daily crypto updates!