- The PolitiFi meme coin section has fallen more than 20% since the US election.
- With Donald returning to the White House, Trump-style coins have become popular.
- Ethereum’s Memecoin whales are looking to capitalize on market downturns.
A day after voting closed for the 47th presidential election in the United States, there was a flood of Donald Trump-style meme coins. While the broader cryptocurrency market saw a huge rally, with Bitcoin (BTC) hitting a new all-time high of $76,243 in the late evening of November 6, 2024, the extremely bullish sentiment did not translate to the PolitiFi meme coin niche.
Maga’s hat flies away.
First, MAGA (TRUMP), the largest cryptocurrency decorated by Trump, recorded a 21% deficit in 24 hours, ending its weekly decline at 41.5%. Smaller memecoins such as the Ethereum-based Maga Hat (MAGA) memecoin plunged 60%, wiping out all gains since a three-month high of $0.000295 on October 29, 2024.
Parody memecoins like TREMP, listed by Kraken, also met a similar fate. The political satire meme coin, which fell 58.5% in a week, has fallen to a market capitalization of $16 million, down from $42 million just a week ago. As a result, TREMP’s price is now just 56% off its all-time low of $0.1037 three months ago.
In general, the PolitiFi memecoin section fell 20% in the last 24 hours to $533 million, according to indie price aggregator CoinGecko. The only gainers in this section on Thursday were two Pepe the Frog-style Donald Trump mashups, both of which had market caps of just over $1 million.
PolitiFi Meme Is the coin department over?
If a meme coin with a political agenda fails to gain traction after the election, this could mean a decline similar to what happens to most celebrity tokens. However, the true community behind meme coins tends to make a big difference, pushing for meme coins to be legalized and listed on major exchanges.
Maga Hat (MAGA) is currently the second most popular project on KuCoin GemVote, with over 3,000 votes, scoring significantly higher in KuCoin voting than mainstream internet meme-based cryptocurrencies such as Giga Chad (CHAD) and Slerf (SLERF).
Cryptocurrency market observers such as Market Omega have acknowledged that some large investors in the Ethereum network are using the MAGA (TRUMP) price drop below $2 as a buying opportunity. Certainly, this is further corroborated by 24-hour statistics from Nansen’s Blockchain Intelligence, which recorded a positive net flow of $1.48K. ‘Smart money’ It is labeled as a cryptocurrency wallet.
On the flip side
- Most major centralized cryptocurrency platforms, including Bybit, Binance, KuCoin, and OKX, do not list politically motivated cryptocurrencies.
Why This Matters
The cryptocurrency hemisphere has been entangled in the U.S. political scene lately, with Donald Trump’s victory sparking the latest Bitcoin bull race above $76,000.
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