Key Points
- Bitcoin hit a new all-time high following Donald Trump’s election win while Trump-inspired memecoins saw a significant drop.
- Other mainstream tokens like Dogecoin and Shiba Inu experienced a rise, showing a divergence in the memecoin market.
Following the election victory of Donald Trump as the 47th President of the United States, financial markets experienced a surge. Bitcoin reached an unprecedented high of over $76k, exceeding its previous peak in March.
At the time of reporting, Bitcoin’s value was still on the rise, trading at $76,169.80. This represented a 1.54% increase in the past 24 hours and a 9.51% rise over the past week, as per CoinMarketCap data.
Trump Memecoins Face a Decline
In contrast to Bitcoin’s bullish trend, the PoliFi market experienced an unexpected drop. Its market cap decreased by 10.5% over the past day to $492 million. This highlighted a change in crypto market sentiment amid post-election optimism.
Following Trump’s victory, Trump-inspired memecoins suffered a significant decline. The leading Trump-themed token, MAGA [TRUMP], initially rose to $4.60 on election night but fell by 53% within the next 24 hours. It was trading at $1.87 at the time of writing.
Other Trump-related tokens experienced similar losses, indicating a swift decrease in enthusiasm for Trump-inspired digital assets. However, as of November 8th, the decline in Trump-themed memecoins has slowed, with some signs of stabilization beginning to appear.
Other Memecoins Experience a Bullish Trend
Interestingly, the recent decline seems to be confined to Trump-themed memecoins. Other popular tokens like Dogecoin and Shiba Inu have gained 2-3% in the last 24 hours.
Despite the drop in Trump-inspired tokens, the broader meme coin market shows positive momentum. The total meme market cap has reached $75 billion, reflecting a 1.3% increase over the same period, according to CoinGecko.
This divergence within the meme coin sector is noteworthy. Traditional favorites maintained upward trends, while Trump-related coins were experiencing turbulence.
Ash Crypto commented on the varied performance among various memecoins, saying, “This is an example for all the memecoin traders when they ask ‘what do you mean by meme don’t have any utility?'”
Moreover, another user on Reddit added to the discussion.
