Trump memecoin massacre: Tokens plummet 50% after US election victory

Donald Trump-themed memecoins collapsed the day after Trump’s election victory in the United States on Nov. 6 and a broader surge in the crypto markets, which included a new Bitcoin all-time high

The leading Donald Trump-themed memecoin by market capitalization, MAGA (TRUMP), spiked to $4.60 on Nov. 6 when the election results were declared but tanked 53% over the past 24 hours to just $1.87 at the time of writing, according to CoinGecko.

MAGA/USD 24 hours. Source: CoinGecko

Donald Trump holds around 579,290 TRUMP tokens currently worth around $1 million, according to Arkham Intelligence.

Additionally, the unaffiliated MAGA Hat (MAGA) memecoin has dumped a similar amount, falling around 55% over the past 24 hours after spiking to $0.0002 after the election victory, according to CoinGecko.

Other loosely Trump-themed memecoins such as Dark MAGA (DMAGA) have tanked 75%, Super Trump (STRUMP) is down 50%, and MAGA: Fight for Trump (TRUMPCOIN) has plummeted 56%

Donald Trump won the presidential election on Nov. 6, crossing the 270 threshold with 295 electoral votes to Kamala Harris’ 226 with just 17 more electoral votes to be counted in Nevada and Arizona

Meanwhile, the rest of the memecoins are flying today, with Dogecoin (DOGE) gaining 10% on the day to reach $0.20 at the time of writing. Shiba Inu (SHIB) is up 6%, and the third largest memecoin by market cap, PEPE, is up 18% on the day at the time of writing, according to CoinGecko

Related: Trump based memecoins could thrive after election no matter what

The Trump memecoin massacre came as Bitcoin (BTC) notched another all-time high, hitting $76,228 in late trading on Nov. 6, according to TradingView.

Even Ether (ETH) has awoken from its long slumber, surging 12% on the day to top $2,800 during early trading on Nov. 7, reported CoinGecko

Magazine: Memecoins: Betrayal of crypto’s ideals… or its true purpose?

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