- Trump-inspired memecoins plunged as mainstream tokens like Dogecoin and Shiba Inu rose.
- Bitcoin hits a new all-time high, while the PoliFi market cap unexpectedly droped post-election.
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen bull runs and bear markets come and go. The current crypto landscape is no exception, and it continues to surprise me with its volatility and unpredictability.
After Donald Trump was elected as the 47th President of the United States, financial markets experienced a boom. Bitcoin reached a record high of more than $76k, exceeding its previous high from March.
As I write this, Bitcoin is on an upward trajectory, currently trading at approximately $76,169.80. Over the past day, it has risen by about 1.54%, and over the last week, it’s seen a significant boost of around 9.51%. According to data from CoinMarketCap, these are the figures as they stand now.
Trump memecoins face a setback
Unlike Bitcoin’s upward trend, the PoliFi market experienced an unforeseen drop. Over the last 24 hours, its market value decreased by 10.5%, amounting to $492 million. This suggests a disparity in crypto market opinions during the post-election period, indicating a possible shift in investor sentiment.
Meanwhile, in the aftermath of Trump’s victory, Trump-inspired memecoins took a dramatic hit.
On election night, the cryptocurrency with the highest market cap tied to Trump, known as MAGA [TRUMP], reached a high of $4.60. However, within the next 24 hours, its value dropped by a significant 53%, and at the moment of writing this, it was being traded at approximately $1.87.
MAGA Hat [MAGA] token mirrored this drop, falling 55% from its election high of $0.0002.
Tokens related to Trump experienced significant declines. For instance, DMAGA fell by 75%, STRUMP dropped by half, and TRUMPCOIN declined by 56%.
This indicated a swift downturn in enthusiasm for Trump-inspired digital assets.
On the 8th of November, it appears that the downward trend of memecoins related to Trump has become less rapid, and there are indications suggesting a possible leveling off or even a hint of stability.
Over the past 24 hours, I observed a significant drop in my performance – a decrease of 11.3%. Interestingly, the MAGA entity experienced an even steeper decline at 22.9%. The DMAGA and TRUMPCOIN also saw decreases, with DMAGA dropping by 19.2% and TRUMPCOIN losing 10.5%. These trends suggest a broader market shift that I’m keeping a close eye on.
The ups and downs indicate that the market for meme coins continues to be unpredictable and turbulent, yet certain tokens exhibit a surprising ability to bounce back even after experiencing declines.
As feelings change, it’s possible that more coins could soon display a rising or bullish pattern.
Other memecoins surf in the bullish zone
It’s worth noting that while Trump-related meme coins are experiencing a dip, other well-known tokens such as Dogecoin [DOGE], Shiba Inu [SHIB], Pepe [PEPE], and Dogwifhat [WIF] have seen modest gains of around 2-3% over the past day.
As an analyst, I’ve observed a decrease in the usage of tokens inspired by Donald Trump, but interestingly, the overall meme coin market is demonstrating a promising upward trend. The combined market capitalization of meme coins has surpassed $75 billion, representing a 1.3% growth compared to the previous period, as reported by CoinGecko.
This contrast highlighted a distinct divergence within the meme coin sector. Traditional favorites maintained upward trends, while Trump-related coins were experiencing turbulence.
Reflecting on the varied performance among various memecoins, Ash Crypto put it best when he said,
As a crypto investor, I’d like to share an insight with fellow memecoin enthusiasts who often question the utility of these tokens. Allow me to rephrase: “When you ask about the meaning of ‘meme’ and wonder why it seems they lack practical value, here’s my perspective.
Adding to the fray was another user on Reddit said,
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2024-11-08 18:16