- Trump-inspired memecoins plummeted as mainstream tokens like Dogecoin and Shiba Inu rose.
- Bitcoin hits a new all-time high, while PoliFi’s market cap unexpectedly fell after the election.
After the victory of Donald Trump as 47th President of the United States, the financial markets have risen enormously. Bitcoin [BTC] reached an all-time high of over $76,000, surpassing the March peak.
At the time of writing, BTC continued to rise and traded at $76,169.80. This marked an increase of 1.54% in the past 24 hours and an increase of 9.51% in the past week, according to CoinMarketCap facts.
Trump’s memecoins are facing a setback
In contrast to Bitcoin’s bullish momentum, the PoliFi market faced an unexpected decline. The market cap fell 10.5% to $492 million last day, indicating a difference in crypto market sentiment amid post-election optimism.
Meanwhile, Trump-inspired memecoins took a dramatic hit in the wake of Trump’s victory.
The best Trump-themed token by market cap, MAGA [TRUMP]initially rose to $4.60 on election night, but fell 53% over the next 24 hours to trade at $1.87 at the time of writing.
MAGA hat [MAGA] token reflected this decline, falling 55% from the election high of $0.0002.
Other Trump-related tokens suffered similar losses. Dark MAGA [DMAGA] down 75%, Super Trump [STRUMP] dropped 50%, and MAGA: Fight for Trump [TRUMPCOIN] fell by 56%.
This indicated a rapid decline in enthusiasm for Trump-inspired digital assets.
However, as of November 8, the rate of decline for Trump-themed memecoins has slowed, with some signs of stabilization beginning to appear.
TRUMP fell 11.3% in the last 24 hours, while MAGA was down 22.9%, DMAGA by 19.2%, and TRUMP COIN by 10.5%.
These swings suggested that the memecoin market remains volatile and unsettled, with some tokens showing resilience despite recent dips.
Therefore, as sentiment continues to change, there is a possibility that additional tokens will soon follow a bullish trend.
Other memecoins are surfing in the bullish zone
Interestingly enough, the recent recession seems to be isolated to Trump-themed memecoins. Other popular tokens such as Dogecoin [DOGE]]Shiba Inu [SHIB]Pepe [PEPE]and Dogwifhat [WIF] are up 2-3% in the last 24 hours.
Despite the decline in the number of Trump-inspired tokens, the broader meme coin market is showing positive momentum. The total meme market cap has reached $75 billion, according to CoinGecko, reflecting a 1.3% increase over the same period.
This contrast revealed a clear difference within the meme coin industry. Traditional favorites maintained the uptrend, while Trump-related coins experienced turbulence.
Reflecting on the varied performance of different memecoins, Ash Crypto best expressed when he said:
“This is an example for all memecoin traders when they ask: “What do you mean by meme, is of no use?”
Another user on Reddit added to the fray:
Source: Reddit