- PolitiFi meme coin section slumps over 20% after the U.S. elections.
- As Donald returns to the White House, Trump-styled coins take a hit.
- Memecoin whales on Ethereum prey on the market dip opportunities.
A flurry of Donald Trump-styled meme coins went into a tailspin one day after the 47th Presidential Election vote closed in the United States. While the broader crypto markets tapped into massive gains, with Bitcoin (BTC) claiming a new all-time high at $76,243 in the late evening of November 6, 2024, the ultra-bullish sentiment didnโt transmit to the PolitiFi meme coin niche.
Maga Hat Flies Off
First, the largest Trump-decorated crypto MAGA (TRUMP) incurred a 21% deficit in 24 hours, concluding the weekly drop to 41.5%. Smaller counterparts like the Ethereum-based Maga Hat (MAGA) memecoin crashed by 60%, wiping out all the gains since the three-month high of $0.000295 on October 29, 2024.
Sponsored
A similar fate followed parody memecoins, such as TREMP, which Kraken listed. Dropping by 58.5% over a week, the political satire meme coin fell to a $16 million market cap from $42 million just a week ago. As a result, TREMP’s price is now just 56% away from hitting all-time lows at $0.1037 three months ago.
In general, the PolitiFi memecoin section shrunk by 20% in the latest 24-hour period to $533 million, according to indie price aggregator CoinGecko. The only two gainers in this section on Thursday were two Pepe the Frog-styled Donald Trump mashups, both just above a $1 million market cap.
Is the PolitiFi Meme Coin Department Done?ย
If meme coins with political agendas fail to gain traction after the elections, this could mean a downward spiral similar to what happens to most celebrity tokens. However, genuine communities behind meme coins tend to make a huge difference, pushing the meme coin to go legit with major exchange listings.
Maga Hat (MAGA) is currently the second most popular project on KuCoinโs GemVote, surpassing 3,000 votes and scoring much higher than mainstream internet meme-based cryptos like Giga Chad (CHAD) and Slerf (SLERF) on KuCoinโs ballot.
Crypto market watchers such as Market Omega admitted that some large investors on the Ethereum network are taking the MAGA (TRUMP) price plunge below $2 as a dip buying opportunity. Certainly, this is further affirmed by the 24-hour stats from Nansenโs blockchain intelligence, which registered a positive net flow of $1.48K in โsmart moneyโ labeled crypto wallets.
On The Flipside
- Most major centralized crypto platforms, including Bybit, Binance, KuCoin, and OKX, do not list politically motivated cryptocurrencies.
Why This Matters
The crypto hemisphere has lately been entangled in the United States political scene, with Donald Trumpโs win majorly igniting the latest Bitcoin bull race above $76,000.
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