Connect with us

Altcoin

Why Trump-Themed Coins are Crashing After US Election Results?

Published

5 months ago

on


Donald Trump’s US election victory on Wednesday and the resulting euphoria failed to boost the price of Trump-themed memecoins, mostly due to so-called ‘sell the news’ trend. These tokens, which had seen significant gains earlier in the week, dropped by double digits following his win.

Some of the popular memecoins shed over 25% in market capitalization just a day after the victory, including TRUMP, MAGA, and TREMP.

Trump-Themed Tokens Suffer on ‘Buy the Rumor, Sell the News’ Trend

The PoliFi tokens drop happened despite the broader rise in the crypto market following Donald Trump’s victory in the US election. The tokens that were linked to Trump, among others, took a hit. The decline indeed did shake investor confidence in the PolitiFi assets, with traders seemingly selling the news-a pattern not too different from past meme coin behavior.

Similarly, like the rapid surge of Dogecoin prior to Elon Musk’s Saturday Night Live appearance in May of 2021, which peaked at $0.73 and fell over 30% shortly after, political tokens experienced a sharp sell-off following the election hype. For its part, DOGE is still 74% below its all-time high at current levels.

This is part of the “buy the rumor, sell the news” trend common with event-driven tokens that tend to be susceptible to political changes. Despite Trump’s win, the slump in these meme coins should bring in the realization of a possible weakness in the appeal for such meme coins and that some of their liquidity might be shifting from them.

As a matter of fact, many investors actually seem to be shifting funds into Bitcoin and other altcoins as the flagship cryptocurrency has been making new highs, raising hopes of a new bull market.

Losing Over 25% in Market Cap

Despite the euphoria surrounding Donald Trump’s election victory on Wednesday, Trump-themed memecoins failed to sustain their earlier gains, and some fell over 50% in the first hours after results.

These tokens, which had surged leading up to the election, saw sharp declines, with some losing over 25% in market capitalization just a day after his win. Memecoins like TRUMP, MAGA, and TREMP were among the biggest losers, highlighting the volatility typical of these event-driven assets.

Trump-themed meme coins have plummeted since Donald Trump’s election win, with several tokens plummeting in price. MAGA, the largest Trump-themed meme coin by market capitalization, was down 24.26% in the last 24 hours, changing hands at $1.97 at press time, while its market capitalization fell from $212 million on Nov. 6 to $87 million. Another prominent token, MAGA HAT, inspired by Trump’s iconic red hat, was also down 32.22%, its market cap fallen to $38 million.

The other big loser was Dark MAGA, which blew out on Nov. 5 and then plummeted 20% from the pre-election level to $0.0048, wiping out upwards of $2.6 million in market cap.

This happens just at the right time, just like all other meme coins follow a sharp sell-off after just one peak moment. Event-driven tokens, such as the PoliFi coins, are highly volatile and connected with political events that tend to swing fast and may make them vulnerable to considerable shifts in value.

✓ Share:

Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoin

Why Is Pi Network Coin Price Up 5% Despite Altcoins Market Correction?

Published

3 hours ago

on

March 28, 2025

By


The broader altcoins market has entered a sharp correction today, but Pi Network price is looking the other way with 5% gains in the last 24 hours and moving past $0.85. This comes as a fresh relief rally after Pi Coin faced a steep 20% drop over the past week. Moreover, it seems that investors are looking beyond PI token unlocks along with slowing down exchange deposits.

Why Is Pi Network Coin Price Up Today?

As stated, the Pi Coin deposits to exchanges have dropped significantly, hinting at a potential shift in market activity. Over the past 24 hours, only 1 million PI tokens were deposited across exchanges, against the tens of millions of deposits in the previous week, PiScan data showed.

The most significant transaction during this period was a transfer between exchanges, with tokens moving from Bitget to Gate.io. This drop in deposits can lead to upward price pressure for the Pi Network Coin. As shown in the image below, the total PI balance on centralized exchanges is upwards of 352 million, with OKX exchange alone having 160 million in PI balance and Bitget exchange having over 81 million in PI balance.

Source: Moon Jeff

Over the past month, the Pi Coin price has crashed all the way from the peak of $3 to now $0.82, eroding more than 75% of investors’ wealth. However, market analysts are still hopeful of its recovery to $3 if three main factors align.

  1. Mainnet Progress: The launch of a fully open Pi Mainnet could significantly boost demand for PI tokens.
  2. Exchange Listings: Expanded listings across major exchanges would enhance accessibility and liquidity. After much discussion in social media and despite high expectations, crypto exchange Binance has excluded Pi Network from its listing plan.
  3. Ecosystem Growth: The development of real-world use cases and strategic partnerships could further drive adoption and utility.

Eyeing Complete Decentralization

Pi Network could be eyeing complete decentralization while embracing crypto and Web3. This has been the latest buzz in the town, keeping investors curious.

It appears to be hinting at a significant partnership that could reshape the crypto or financial landscape. The cryptic message above has sparked speculation about a collaboration between Pi and Web3 (symbolized by the triangle), potentially signaling a step toward a fully decentralized future.

As of press time, the Pi Coin price is trading at $0.831 with a market cap of $5.62 billion. With the current bounce back, the altcoin has broken out of the trendline formation over the past 14 days. If the PI price stays above $0.8340, it could stage a quick recovery to $1.

Source: TradingView

Altcoins Market Correction

The altcoins market has entered a steep correction today with top players like Ethereum (ETH), XRP, and Solana (SOL), correcting over 5% each. Crypto analyst Ali Martinez highlights a surge in stablecoin reserves across all exchanges, rising from $32.1 billion to $32.8 billion within the past 24 hours.

Altcoin marketAltcoin market
Source: Ali Martinez, X

This sharp increase suggests heightened profit-taking activity in the cryptocurrency market.

✓ Share:

Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Binance Adds Support For MUBARAK, CZ’s Dog, & These Crypto, Here’s All

Published

7 hours ago

on

March 28, 2025

By


The latest announcement from crypto exchange giant Binance has left investors speculating about the future prices of 4 tokens. On Friday, March 28, the exchange revealed enhanced trade offerings for MUBARAK, CZ’S Dog (BROCCOLI), Tutorial (TUT), and Banana For Scale (BANANAS31) tokens. Primarily, the CEX is adding these coins to the ‘Earn, Buy Crypto, Convert & Margin’ trading platforms.

In response, crypto market traders and investors also speculate over looming price gains due to enhanced market exposure brought by a top CEX.

Binance Bolsters Support For MUBARAK, CZ’s Dog, TUT, & BANANAS31

As per an official release, Binance is integrating the abovementioned tokens to the ‘Simple Earn, Buy Crypto, Convert, Margin, and Auto-Invest’ trading platforms. The enhanced trade offerings pave the way for more investor interaction with these assets, thereby welcoming funds.

Notably, MUBARAK, BROCCOLI, TUT, and BANANAS31 flexible products were listed on the CEX as of March 28 at 02:00 UTC. Users can now avail of the subscription facility for these assets on the platform. Auto-Invest services for the same are to commence on March 29 at 10:00 UTC.

Also, the exchange’s enormous user base can buy these tokens via VISA, MasterCard, Google Pay, Apple Pay, and Revolut. Users can also trade it using account balances on the ‘Buy Crypto’ division.

Overall, these enhanced offerings magnetize investors from across the globe with emerging market opportunities, thus offering a money influx into the coins. Historically, such offerings on top crypto exchanges have proved bullish for crypto assets in the long term.

Other Offerings For These Coins On Binance

Binance also revealed that starting March 28 at 05:00 UTC, users can trade these assets on the ‘Convert’ division. This means users can trade the coins against BTC, USDT, and other assets available on the platform at zero fees.

Simultaneously, MUBARAK, TUT, and BANANAS31 will be added as new borrowable assets on Cross and Isolated Margin. Users can enjoy this trading facility starting March 28 at 04:30 UTC. Altogether, the stockpile of enhanced offerings ushers in a positive market sentiment for these tokens.

How Are The Tokens Performing?

CZ’s Dog price witnessed a remarkable 20% uptick intraday, reaching $0.06157. The crypto’s 24-hour low and high were $0.04978 and $0.08665, respectively. TUT price was up by a staggering 136%, reaching $0.03949. The coin bottomed and peaked at $0.01586 and $0.0587 intraday. Notably, the two tokens mentioned above witnessed remarkable gains in the wake of their spot listings and enhanced trade offerings on Binance.

However, BANANAS31 price crashed nearly 18% despite its listing. The token even hit a low of $0.005326. Additionally, MUBARAK price slumped almost 36% to $0.09671, defying market optimism. Its intraday low and high were $0.09159 and $0.158, respectively. While two of the coins mirror a bull run amid enhanced market support, two trade in the red zone.

What’s More?

CoinGape earlier reported that Binance completed its inaugural Vote To List program for these tokens. As a result, new trade offerings were unveiled today.

However, it’s worth mentioning that a few traders have sparked a speculative buzz with their MUBARAK coin transfers amid new listings. Soon after the announcement, three addresses deposited 22.15 million tokens to the leading exchange, per ‘ai_9684xtpa’ on X. If sold, two addresses could see over 100 times the profit, adding a layer of intrigue to the crypto’s price movements and insider trading speculations.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Altcoin

Dogecoin Cup And Handle Pattern Signals Recovery To $0.4, Here’s How

Published

11 hours ago

on

March 28, 2025

By


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analyst on TradingView presented a technical outlook that contrasts with prevailing market sentiment, suggesting that Dogecoin is still forming the cup phase of a cup and handle pattern rather than completing the handle as many believe. 

This alternative perspective frames the recent price movements not as a retest following a breakout, but as part of a much longer consolidation phase that began after Dogecoin’s 2021 peak. Nonetheless, the consensus is the same, and this setup suggests that the Dogecoin price is about to recover towards $0.4.

Cup Formation Since 2021 Still In Progress

According to the analyst, the cup and handle pattern visible on Dogecoin’s chart has been developing for nearly four years, with price rounding off a wide base that stretches back to its previous all-time high. This interpretation diverges from the majority view, which argues that Dogecoin completed the cup structure, broke out of the neckline resistance late last year, and is now in the handle phase before another leg upward. 

Instead, the current analysis argues that Dogecoin remains in the latter stages of the cup phase, with no handle formation yet confirmed, and that accumulation is still unfolding. Price holding above key exponential moving averages supports the idea that buyers are gradually building positions during this drawn-out bottoming process.

Dogecoin
Source: Chart on Tradingview

The resistance zone around $0.48 is seen differently in this analysis as only part of the cup formation. From this perspective, the breakout has not occurred, and any move toward $0.4 would be part of a continued upward grind into the neckline. This puts the focus not on handle formation or retest of breakout point, but on the development of a complete cup structure that could eventually set the stage for a classic handle and breakout rally.

Accumulation In Cup Phase To Push Dogecoin To New Highs

Many analysts have written off Dogecoin’s recent pullback as part of a handle retest following a breakout, but this technical setup implies that the price is still climbing toward a breakout point that is yet to be reached. Based on this outlook, a move toward $0.4 could serve as part of the final uptrend in the cup structure, after which a handle might finally take shape. 

If the pattern plays out as described, Dogecoin could see short-term gains before pausing for consolidation at higher levels between $0.4 and $0.5. The real breakout above the neckline resistance is above these levels, before a subsequent handle formation. 

Nonetheless, the most notable price level to watch for a true confirmation of the bullish continuation is $0.48. At the time of writing, Dogecoin is trading at $0.1967. The past 24 hours have been characterized by a brief break above $0.2, which is currently the most significant short-term price resistance to overcome.

Dogecoin
DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io