Political meme coins have been a huge failure, with digital tokens inspired by Republican presidential candidate Donald Trump plummeting in value.
- TrumpCoin (DJT) has dropped to an all-time low of $0.000157
- MAGA: Fight for Trump (TRUMPCOIN) has dropped to $0.0059, giving it a market cap of over $5.9 million.
- MAGA (TRUMP), the largest Trump-themed token, has continued to decline by more than 53% from its high point this year.
Trump
The same trend occurred in the stock market, where shares of the Trump media and technology group fell to $23, its lowest level since April.
One reason for the heavy selling is that Trump’s chances of winning the general election have diminished after President Joe Biden dropped out of the race.
According to Polymarket Survey With more than $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on August 18, meaning her chances have slipped in the past few days.
National opinion poll conducted by The New York Times shows Harris is projected to have a 49% chance of winning the presidency compared to Trump’s 47%. She is also leading in some states such as Wisconsin, Michigan and Pennsylvania, while Trump is ahead in Arizona and Georgia.
However, it is too early to predict who will win the election, as most of these polls fall within the margin of error.
Meme Coins Decline
The ongoing decline of coins like Trumpcoin, Maga Hat, Trump, and Maga coincides with the ongoing meme coin collapse.
Most meme coins have seen a sharp sell-off in the past few weeks, bringing their total market cap down to over $38 billion, down from their year-to-date highs of over $63 billion. Most of these coins, including popular names like Dogecoin (DOGE), Pepe (PEPE), and Dogecoin (WIF), are down double digits from their year-to-date highs.
Meanwhile, Bitcoin price is consolidating between the support level at $57,000 and the resistance point at $61,000. Meme coins usually underperform the market when Bitcoin is not performing well.
On the positive side, there are signs that politicians are becoming more open to cryptocurrencies. Trump has frequently promised at campaign rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats are also beginning to embrace cryptocurrencies and are working on a bill to regulate cryptocurrencies, according to recent comments from Senate Majority Leader Chuck Schumer.
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