As a seasoned crypto investor with a keen eye for market trends and a heart full of political intrigue, I must admit that the recent performance of Trump-themed tokens has left me scratching my head more than a bald eagle trying to find a lice nest. The plummeting value of these coins, particularly DJT, TRUMPCOIN, and MAGA, is a stark reminder that even political stardom may not guarantee financial stability in the volatile world of cryptocurrencies.
Digital tokens modeled after political memes related to Republican presidential contender Donald Trump have seen a significant drop in worth, indicating their popularity is waning.
- TrumpCoin (DJT) token crashed to a record low of $0.000157
MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, giving it a market cap of over $5.9 million.
MAGA (TRUMP), the biggest Trump-themed token, continued to fall by over 53% from its highest point this year.
Trump
The same trend has happened in the stock market where the Trump Media & Technology Group stock has fallen to $23, its lowest point since April.
One factor causing this drop in stock prices could be the narrowing chances of Donald Trump winning the upcoming general election, as former Vice President Joe Biden has ended his campaign.
As per a survey by Polymarket, which manages over $628 million in funds, Trump and Vice President Kamala Harris were equally favored at approximately 49% on August 18th. This indicates a potential decrease in her chances over the recent days.
According to a survey conducted by The New York Times on a national scale, it appears that Harris stands a strong likelihood of 49% for winning the presidency against Donald Trump who has a 47% chance. Interestingly, Harris is currently ahead in states such as Wisconsin, Michigan, and Pennsylvania, while Trump maintains his lead in Arizona and Georgia.
Still, it is too early to predict who will win the election since most of these polls are within a margin of error.
Meme coins retreat
1. As token coins such as Trumpcoin, MAGA Hat, Trump, and MAGA continue to recede, they do so in tandem with the current collapse of meme-based cryptocurrencies.
In recent weeks, many meme cryptocurrencies have experienced significant drops in value, collectively reducing their market capitalization to more than $38 billion, a decrease from the peak of over $63 billion seen so far this year. Notable coins like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) have all declined by double digits from their highest values in 2021.
Currently, Bitcoin is holding steady with prices fluctuating between roughly $57,000 (support) and $61,000 (resistance). Usually, when Bitcoin’s performance is weak, meme coins tend to lag behind in market performance.
On a hopeful note, it appears that some politicians are becoming more receptive towards cryptocurrencies. For instance, Donald Trump frequently expresses intentions, both at his rallies and on the social media platform Truth Social, to implement pro-cryptocurrency policies should he secure another term in office.
As per recent statements by Senate Majority Leader Chuck Schumer, Democrats are increasingly adopting an open stance towards cryptocurrencies and are currently developing legislation to regulate this digital currency sector.
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2024-08-18 19:59