As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market anomalies, but the recent performance of Donald Trump-themed memecoins has left me utterly bewildered. The post-election victory collapse of these tokens, followed by their swift recovery and subsequent plummet, is a rollercoaster ride that even the most daring investors would think twice about boarding.
On the day following Donald Trump’s victory in the U.S. elections on November 6th, memecoins themed around Trump experienced a crash. Simultaneously, there was a widespread increase in the cryptocurrency market, reaching a new record high for Bitcoin.
In simple terms, the meme cryptocurrency MAGA (TRUMP), which is currently the most popular one linked to Donald Trump, jumped up to $4.60 on November 6th when the election results were announced, but over the last 24 hours, it has dropped by 53% and is now worth only $1.87, as reported by CoinGecko at the time of writing.
According to Arkham Intelligence, at present, Donald Trump owns approximately 579,290 TRUMP tokens, which are valued roughly at a million dollars.
Moreover, the independent MAGA Hat (MAGA) meme cryptocurrency also experienced a comparable decline, dropping approximately 55% within the last 24 hours. This drop followed a surge to $0.0002 after the election win, as reported by CoinGecko.
Memecoins related to Donald Trump, like Dark MAGA (DMAGA), Super Trump (STRUMP), and MAGA: Fight for Trump (TRUMPCOIN), have experienced significant losses. DMAGA has dropped by 75%, STRUMP is down by 50%, and TRUMPCOIN has fallen by 56%.
In a historic victory, Donald Trump was declared the winner of the U.S. Presidential election on November 6, surpassing the required 270 electoral votes with a total of 295. Meanwhile, Kamala Harris garnered 226 electoral votes, but Trump still leads by 17 votes. The remaining votes in Nevada and Arizona are yet to be counted.
As an analyst, I’m observing a surge in the memecoin market today. Specifically, Dogecoin (DOGE) has experienced a 10% increase, pushing its price up to $0.20 at this moment. Shiba Inu (SHIB) is also on the rise, climbing 6%. Notably, PEPE, the third largest memecoin by market capitalization, is seeing a significant boost with an 18% gain today, as per CoinGecko’s latest data.
On November 6th, as Bitcoin (BTC) reached a new record high of $76,228 during late trading, according to TradingView, a significant drop was observed in the value of Trump memecoins.
As a researcher, I’ve observed a significant surge in the value of Ether (ETH) today, with a notable increase of around 12%. This growth propelled its price to reach over $2,800 during early trading on November 7th, according to CoinGecko’s latest report.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- Top gainers and losers
- EUR CAD PREDICTION
- FLUX PREDICTION. FLUX cryptocurrency
2024-11-07 06:47