The memecoin related to Donald Trump are plummeting sharply today despite his victory in the election, while the crypto market in general is experiencing significant growth.
Donald Trump has won the election on November 6, surpassing the threshold of 270 electoral votes with 295 votes, compared to 226 votes for Kamala Harris, while 17 electoral votes are still being counted in Nevada and Arizona.
The memecoin related to Donald Trump have collapsed immediately after his victory in the US election on November 6, despite the crypto market being on a strong uptrend, particularly Bitcoin reaching a new high.
According to CoinGecko, the MAGA (TRUMP) memecoin related to Trump with the largest market capitalization had surged to $4.6 when the election results were announced, but has since dropped 63% in the past 24 hours, currently standing at $1.71.
ETH price at 11:06 on 07/11/2024. Source: Coingecko.According to Arkham Intelligence, Donald Trump currently holds around 579,290 TRUMP tokens, worth approximately $1 million.
Additionally, the MAGA Hat (MAGA) memecoin - not officially associated with Trump - has also declined similarly, losing 55% of its value in the past 24 hours after surging to $0.0002 following the election victory, according to CoinGecko.
Other Trump-related memecoin such as Dark MAGA (DMAGA) have dropped 75%, Super Trump (STRUMP) 50%, and MAGA: Fight for Trump (TRUMPCOIN) 56%.
In contrast, other memecoins have seen strong gains, with Dogecoin up 10% on the day, reaching $0.2 at the time of writing. Shiba Inu is up 6%, and PEPE, the third largest memecoin by market capitalization, has increased 18% on the day, according to CoinGecko.
Even Ethereum has recovered after a prolonged period, rising 12% on the day, surpassing the $2,800 mark on the morning of November 7, according to CoinGecko.
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The article Trump-related Memecoin Plummet After His Re-election first appeared on CoinMoi.
