Donald Trump's Themed Memecoin Fate Drops After The US Presidential Election
JAKARTA - Donald Trump's victory euphoria in the 2024 US elections is still continuing. This has an impact on the crypto market. Previously, Trump promised the crypto community to make America the world's crypto center and "superpower Bitcoin." During a campaign in Nashville, Trump promised to open up strategic Bitcoin reserves that are predicted to boost the popularity of crypto assets.
This speech, apart from making crypto supporters enthusiastic, also boosted a number of Trump-themed memecoins to the highest level at the time. However, after Trump's victory, a number of political-themed memecoins experienced a sharp decline.
Tokens like Super Trump (STRUMP), MAGA (TRUMP), and Trump on Base (TRUMP), which were previously popular, showed a drop of up to 50% a day. MAGA, for example, which initially owned a market capitalization of US$212 million (around Rp3.29 trillion), has now dropped to US$79 million (around Rp1.22 trillion).
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Memecoin Becomes Trend
Trump Memecoin is a meme coin that belongs to the PolitiFi category aka Politic Finance, which is a token with a political theme that combines humor aspects such as memes. Its popularity increases as political support for Trump. Some of them are even used in political fundraising events.
One of the popular tokens, Super Trump (STRUMP), features Trump as a superhero who is considered a symbol of support for Trump's political ideology. STRUMP has a diverse market capitalization, ranging from 4.46 million to 11.76 million US dollars (around Rp. 69.1 billion to Rp. 182.3 billion), with some proceeds from sales being channeled to support Trump's campaign.
In addition, MAGA (TRUMP), which was launched in August 2023, was also targeted by investors, especially during campaigns and political events. This token, inspired by the slogan Make America Great Again, has a market capitalization of between 78.84 million US dollars to 158.49 million US dollars (around Rp1.22 trillion to Rp2.45 trillion). This token often experienced an increase in value when Trump appeared in the media.
There is also Trump on Base (TRUMP), which operates in the Base DeFi ecosystem with a market capitalization of around $175.80 million. Although Trump Memecoin has fallen sharply, optimism in the crypto market continues, following the recent listing of ACT and PNUT meme coins by Binance.