Donald Trump’s 2024 U.S. election victory has sparked significant movement in the crypto market, with notable gains in Bitcoin and Ethereum. In the past 24 hours, the total market value reached $2.52 trillion, with trading volume hitting $174 billion, drawing in investor interest. However, Trump-themed memecoins did not experience the same upward momentum; instead, these tokens faced substantial declines.
Trump Memecoins Suffer 50% Loss in Value
Following Trump’s election win, Bitcoin saw the biggest boost, reaching an all-time high of $76,460. While major altcoins followed this trend, Trump-themed memecoins experienced sharp declines. Despite the general market upswing, investors remain skeptical about the future of these Trump tokens.
Intense Selling Pressure on Trump Tokens
Tokens like MAGA, TRUMP, DMAGA, and STRUMP faced a dramatic sell-off after the election. The TRUMP token fell from its post-election peak of $4.6 to $2.22. Meanwhile, DMAGA experienced an even steeper drop, from $0.020 to $0.0054, leaving investors disappointed by the rapid value loss.
Shift Toward Major Cryptocurrencies
According to Arkham Intelligence, Trump holds about $1.33 million worth of TRUMP tokens. While crypto analysts suggested this stake might bring a positive outlook for Trump-themed tokens, the market’s current preference for larger cryptocurrencies has driven these tokens down. Investors seem to be focusing on more stable assets like Bitcoin and Ethereum, viewing them as safer, long-term investments.
Uncertain Future for Trump Memecoins
Investor interest in major cryptocurrencies has heightened the selling pressure on Trump memecoins, resulting in significant value loss. TRUMP token alone fell by 27.3% due to intense selling pressure. As the market gravitates toward leading cryptocurrencies, Trump-themed tokens may face continued volatility. However, if the selling pressure eases, these tokens could potentially see a rebound.
As crypto market fluctuations continue, the future of Trump memecoins remains uncertain. Changing market dynamics and investor preferences will likely shape the long-term performance of these tokens. For now, investors are favoring major cryptos, leaving Trump-themed tokens on the sidelines.
Stay updated with Dey There for more insights into the shifting crypto landscape.
Trump memecoins, Bitcoin, Ethereum, market volatility, selling pressure
