KEY POINTS
- $TRUMP, once a powerhouse in the segment, is trading at around $1.46 from its post-election high of $4.63
- Other Trump-themed memecoins such as $STRUMP and $DMAGA have also plummeted significantly
- $BABYTRUMP took a different route in the past week, surging amid the broader PolitiFi bloodbath
PolitiFi, the convergence of politics and blockchain finance, made a huge name for itself in the lead-up to the 2024 U.S. elections as political-themed tokens surged and outperformed some of the world's most established cryptocurrencies, such as Bitcoin and Ethereum.
Less than a month after the elections, what is the state of PolitiFi memecoins, and are they still popular among crypto users?
Top Trump-Themed Memecoins Crash Post-Election
Before the elections, some of the biggest PolitiFi tokens based on U.S. President-elect Donald Trump, such as MAGA, STRUMP and TRUMP, defied the broader crypto slump and surged amid interest in the business mogul's campaign.
As the election fever died down, it appears Trump-themed memecoins also retreated, but in the case of some tokens, the decline has been significant.
- TRUMP – MAGA (TRUMP), the once super-popular memecoin, is now trading at around $1.46, significantly down from its Nov. 6 high of $4.63. The token's chart is also not looking good as it has bled 51% in the last 30 days.
- TREMP – Doland Tremp (TREMP) increased by 1.7% in the last day, but it has a similar November chart with TRUMP, surging in the lead-up to the elections and throughout election day, then plummeting within a few days.
Other Trump-themed memecoins had very similar charts, including Super Trump (STRUMP), Dark Maga (DMAGA), and Fight to MAGA (FIGHT), which were all quite popular during the election week.
Political Memecoins Surviving the Bloodbath
CoinGecko's early Tuesday numbers for the PolitiFi memecoin pool aren't looking so good, as the majority of the Top 10 coins are in the red. However, a select few have survived the week-long decline:
- MAGA Hat (MAGA) – The token is up by over 10% in the last seven days, with a chart that's apparently the opposite of the TRUMP coin.
- PATRIOT – The memecoin, which was only launched during the election week, has had a very volatile journey in the past weeks, but at least in the last seven days, it spiked by over 46%.
- Jeo Boden (BODEN) – The outgoing President Joe Biden-themed coin, which was launched earlier this year, has been crashing since its release, but in the past week, it added 8.1%.
Outside the Top 10 largest PolitiFi memecoins by market cap, BABYTRUMP is in a league of its own, climbing by 16.4% in the last seven days and logging a 12% spike in the past day.
What's Next for This Segment?
The downtrend in politics-based memecoins highlights the risks of combining politics and cryptocurrencies, especially as Trump has yet to enter the White House and some of his cabinet picks have raised serious concerns.
It remains to be seen whether the tokens will recover in the lead-up to Inauguration Day. Still, they may have a chance to bounce back, especially with increased optimism over the incoming altcoin season wherein crypto investors are expected to experience renewed interest in alternative crypto assets.
