Isabella García
On news of Donald Trump’s victory in the 2024 U.S. Presidential election, meme coins tied to Trump experienced a sharp spike in value, with the MAGA (TRUMP) coin reaching $4.60. However, the rally was short-lived, as the MAGA coin saw a 53% drop the following day, trading under $2.
Arkham Intelligence data shows Trump holds 579,290 TRUMP tokens, currently worth over $1 million. Other Trump-inspired meme coins like MAGA Hat (MAGA) also faced similar declines, with MAGA Hat falling 55% after peaking at $0.0002.
Alongside MAGA, tokens such as Super Trump (STRUMP), MAGA: Fight for Trump (TRUMPCOIN), and Dark MAGA (DMAGA) all dropped between 50% and 75%. Trump’s election victory on November 6 saw him secure not only the Presidency but also control of the Senate and House, positioning his administration to play a pivotal role in shaping policies over the next four years.
With Trump’s pro-crypto stance, industry insiders anticipate more favorable policies and a push toward making America a leader in crypto regulation. Observers now look forward to seeing how quickly these changes may be implemented once he assumes office in January 2025.
Meme Coin Market and Major Cryptos React as Bitcoin Hits Record High
As the Trump-themed meme coins tumbled, Bitcoin hit a new record of $76,228 on November 6, with Ethereum also climbing by 12% to over $2,800 on November 7. In the meme coin space, Dogecoin, after a 28% rally, retraced by nearly 8% as it struggled against key resistance at $0.20. Similarly, Shiba Inu, Dogwifhat, and Bonk corrected by 4-5%, while PEPE Coin showed resilience, recording a 7% gain.
Elon Musk Teases Potential Role in Donald Trump’s Administration
Billionaire Elon Musk, a Trump ally, has hinted at involvement in the administration, possibly within a proposed Department of Government Efficiency (D.O.G.E). His potential role in policy could bring further changes to the crypto landscape, adding to the intrigue surrounding Trump’s upcoming term.
