Trump memecoin massacre: Tokens plummet 50% after US election victory

Donald Trump-themed memecoins collapsed the day after Trump’s election victory in the United States amid a broader surge in the crypto markets that included a new  Bitcoin all-time high. 

The leading Donald Trump-themed memecoin by market capitalization, MAGA (TRUMP), spiked to $4.60 on Nov. 6 when the election results were declared but tanked 53% over the past 24 hours to $1.87 at the time of writing, according to CoinGecko.

MAGA/USD 24 hours. Source: CoinGecko

Trump holds about 579,290 TRUMP tokens currently worth about $1 million, according to Arkham Intelligence.

The unaffiliated MAGA Hat (MAGA) memecoin dropped a similar amount, falling 55% over the past 24 hours after spiking to $0.0002 after the election victory, according to CoinGecko.

Other loosely Trump-themed memecoins also fell; Dark MAGA (DMAGA) tanked 75%, Super Trump (STRUMP) was down 50% and MAGA: Fight for Trump (TRUMPCOIN) plummeted 56%. 

Trump won the presidential election on Nov. 6, crossing the 270 threshold with 295 electoral votes to Kamala Harris’ 226 with just 17 more electoral votes left be counted in Nevada and Arizona.   

Meanwhile, other memecoins were flying, with Dogecoin (DOGE) gaining 10% on the day to reach $0.20 at the time of writing. Shiba Inu (SHIB) was up 6%, and the third-largest memecoin by market cap, PEPE, was up 18% on the day at the time of writing, according to CoinGecko. 

Related: Trump based memecoins could thrive after election no matter what

The Trump memecoin massacre came as Bitcoin (BTC) notched another all-time high, hitting $76,228 in late trading on Nov. 6, according to TradingView.

Even Ether (ETH) awoke from its long slumber, surging 12% on the day to top $2,800 during early trading on Nov. 7, reported CoinGecko. 

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