Political meme coins are a bust as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value.
- 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 reason for this sell-off is that Trump’s odds of winning the general election have slimmed after President Joe Biden exited the race.
According to a Polymarket poll with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on Aug. 18, meaning that her odds have slipped in the past few days.
A national poll by the New York Times shows that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads 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
The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincide with the ongoing meme coin crash.
Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Most of them, including popular names like Dogecoin (DOGE), Pepe (PEPE), and Dogwifhat (WIF) have fallen by double digits from their highest points this year.
Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.
On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.
