Donald Trump-Themed Meme Coins See Classic Pump and Dump after Election Victory

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As a seasoned investor with decades of experience under my belt, I must say that the cryptocurrency market is as unpredictable as a rollercoaster ride. The recent surge and subsequent retracement in the meme coin sector, particularly Dogecoin, is a testament to this fact.

On the day following Donald Trump’s announced win in the 2024 Presidential race, meme coins themed around Trump took a significant dive, losing approximately 53%. This appears to be a classic case of pump and dump, given that the coin had previously surged strongly on the news of his victory. Here is a breakdown of its performance:

On November 6th, when election results were announced, the meme coin with the highest market value linked to Donald Trump, MAGA (TRUMP), reached an impressive high of $4.60. However, subsequent events have caused it to drop by over 53%, and as we speak, it’s trading below $2.

Based on information from Arkham Intelligence, Donald Trump owns approximately 579,290 TRUMP tokens in total. These tokens currently have a value exceeding one million dollars. Meanwhile, the MAGA Hat meme coin, unrelated to Trump, experienced a significant decline of about 55% over the last day, dropping from $0.0002 after peaking post-election victory.

In simple terms, the value of various cryptocurrencies associated with Donald Trump saw substantial drops. For instance, STRUMP decreased by 50%, TRUMPCOIN dropped by 56%, and DMAGA fell a steep 75%.

On November 6th, Donald Trump clinched a significant win, as the Republican tide swept nationwide. Beyond securing the presidency, this victory also granted him control of both the Senate and the House. This puts his administration in a powerful position to shape crucial decisions for the following four years.

Arizona just declared for @realDonaldTrump, making it a clean sweep of all swing states!

Massive red wave success! It is beyond a landslide, as Republicans won:

Leadership role (Presidency)

— Elon Musk (@elonmusk) November 7, 2024

Experienced figures in the cryptocurrency market have been anticipating more favorable regulations under President Donald Trump, who has consistently pledged to provide regulatory certainty and make America a leading hub for cryptocurrencies. It remains intriguing to observe how swiftly new cryptocurrency policies might be implemented once Trump assumes office again in January 2025.

The Trump-themed meme coin experienced a dip, while Bitcoin (BTC) hit an unprecedented high of $76,228 during late-night trading on November 6. On the other hand, Ether (ETH) has seen a surge, rising by 12% to exceed $2,800 in early trading on November 7 after a lengthy phase of minimal activity.

Meme Coin Sector Takes a Pause

After an impressive 28% surge in Dogecoin‘s price yesterday, the wider meme coin market is experiencing some pullback today. Currently, the DOGE price stands at a decrease of 7.74%, as bulls have struggled to push past the significant resistance at $0.20. If this hurdle had been overcome, it would have potentially ignited a parabolic rally for DOGE.

Other meme coins such as SHIB, Dogwifhat (WIF), and Bonk have experienced a correction of around 4-5%. However, one that continues to excel is the PEPE Coin, which has recorded an additional 7% increase today. This coin has shown a higher volatility of 13.0%, with a market cap of $4.34 B and a daily trading volume of $2.61 B.

It’s expected that Elon Musk, a close ally of Trump and a billionaire, may play a pivotal part in his administration. In recent times, Musk has been hinting at involvement with the Department of Government Efficiency (D.O.G.E). It will be intriguing to observe if he contributes to policy-making decisions.

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2024-11-07 11:48