PolitiFi Meme Coin Market Sheds 20% the Day After the US Presidential Election, Maga Hat (MAGA) Crashes by 60%

A flurry of Donald Trump-styled meme coins went into a tailspin one day after the 47th Presidential Election vote closed in the United States.

A slew of Donald Trump-themed meme coins experienced a sharp decline in value one day after the conclusion of the 47th Presidential Election vote in the United States.

While the broader cryptocurrency markets enjoyed significant gains, with Bitcoin (BTC) reaching a new all-time high of $76,243 in the late evening of November 6, 2024, this bullish sentiment was not felt in the PolitiFi meme coin sector.

Maga Hat Flies Off

The largest Trump-themed crypto, MAGA (TRUMP), incurred a 21% loss in 24 hours, concluding a weekly drop of 41.5%. Smaller counterparts, like the Ethereum-based Maga Hat (MAGA) meme coin, crashed by 60%, erasing all gains since hitting a three-month high of $0.000295 on October 29, 2024.

A similar fate followed parody meme coins, such as TREMP, which was recently listed by Kraken. Dropping by 58.5% over a week, the political satire meme coin fell to a $16 million market capitalization, down from $42 million a week ago. This brings TREMP’s price to just 56% away from hitting all-time lows of $0.1037 three months ago.

Overall, the PolitiFi meme coin sector shrank by 20% in the latest 24-hour period to $533 million, as per indie price aggregator CoinGecko. The only two gainers in this sector on Thursday were two Pepe the Frog-styled Donald Trump mashups, both boasting a market capitalization of just over $1 million.

Is the PolitiFi Meme Coin Chapter Over?

If meme coins with a political agenda fail to gain traction following the elections, this could indicate a downward spiral, similar to what happens to most celebrity tokens. However, genuine communities behind meme coins can make a big difference, pushing the meme coin to go legit with major exchange listings.

Maga Hat (MAGA) is currently the second-most popular project on KuCoin’s GemVote, with over 3,000 votes, far surpassing mainstream internet meme-based cryptos like Giga Chad (CHAD) and Slerf (SLERF) on KuCoin’s ballot.

Panicking about the recent correction in #politifi, Good! Now ask yourself why these mega whales haven't sold ONE SINGLE POLITIFI TOKEN! Matter of fact, one added a ton the last 2 days. Something to think about.🤔

$MAGA $TRUMP $FTP pic.twitter.com/jcbFk2hgIf

Crypto market watchers, like Market Omega, observed that some large investors in the Ethereum network are treating the MAGA (TRUMP) price drop below $2 as a dip-buying opportunity. This is further confirmed by 24-hour statistics from Nansen’s blockchain intelligence, which registered a positive net flow of $1.48K in ‘smart money’ labeled crypto wallets.

On The Flipside

Why This Matters

The crypto domain has recently become intertwined with the United States political scene, with Donald Trump’s victory largely igniting the latest Bitcoin bull run above $76,000.

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