Group A predictable coins based on Trump some tokens with the name MAGA, TRUMP, TREMP, STRUMP etc got_dumped after the recent U.S.election even though Trump emerged winner. These tokens deteriorated by more than 21% in market capitalization as meme coin traders marketed in a habitual ‘‘sell the news’’ fashion.
MAGA Token is the most affected as it has a decline of over 50%
MAGA, the biggest TRUMP token by market capitalization, dropped by 50.7% in the last 24 hours to lead the plunge. MAGA stock closed at $1.71 on Monday, November 6 and $0.56 today; that translates to a market capitalization of $212 million on November 6th and $79 million today, a very real loss for shareholders. The second popular meme token called MAGA Hat, associated with Trump’s red campaign hat also shows a considerable decline and decreased by 51%, sending its market cap to $39M.
Dark MAGA has been an extraordinary token that, on November 5th, went up from $0.008 to $0.0018, but it suffered today. On its social sentiment metric, the coin slumped 62% post-election, with the price falling to $0.0045, ViewModel wiping out over $13.5 million in market cap. Super Trump (STRUMP) fell to the same level, with the market cap value reduced by $11 million, or 54.9%.
Other Trump-themed tokens include Doland Trump, TRUMPCOIN, TRUMP 47, and Pepe Trump (PTRUMP), which halved their value, dropping between 50% and 65%. The development repeats earlier meme coin selloffs, especially Dogecoins, whose value shed about 30% the day after Elon Musk’s highly anticipated appearance in Saturday Night Live.
The decrease in prices of Trump-themed tokens reflects a feature observed with other PolitiFi tokens, which many people refer to as Event Coins because their prices seem to rise generally during major events. , however, there are signs that traders might be looking the other way following Trump’s win, possibly marking the beginning of the end of the political meme coins craze. Observers have further attributed the fast selling to mean that there is fund rotation from PolitiFi token to more stable assets such as Bitcoin, which, in recent days, has been trading at record highs.
Bitcoin and Altcoins Get Help from Meme Coin Slump
As for other political meme tokens, the centrepieces of the meme coin markets – Ethena and Raydium have surged by more than 10 percent, thus boosting the meme market to grow by 13.2 percent. This remains particularly evident with Bitcoin which remains the market leader for most cryptocurrencies and has set more new record highs in the market as many have remained hopeful to see the start of a bull market.
This news is republished from another source. You can check the original article here
