Memecoins Inspired by Trump See Selloff

Several memecoins inspired by former President Donald Trump have sold off over the past 24 hours, possibly due to traders’ disappointment with his live chat hosted by Elon Musk.

On Monday night, the Tesla CEO hosted a Spaces event on the social media platform X with the Republican presidential nominee. Despite a 40-minute delay due to technical issues, they spoke for two hours on various topics, including Trump’s attempted assassination, climate change, and sustainable energy. However, one topic notably absent was crypto.

Polymarket users had wagered about $5 million on Trump saying certain words during the conversation, with those betting on “crypto” incurring the biggest losses. This disappointment has permeated the memecoin market, where several tokens experienced sell-offs after surging earlier.

• MAGA Hat (Ticker: MAGA) is down 24.5% in the last 24 hours after a 40% rise on Monday.
• Dark MAGA (DMAGA) has dropped 42%.
• Tokens like Doland Tremp (TREMP +2.36%) and FreeTrump ($TRUMP +0.94%) are also experiencing sell-offs.

MAGA (TRUMP), the largest Trump-centric token by market cap ($148 million), is down 4.4% to $3.22 at the time of publication. The PolitiFi subsector monitored by CoinGecko shows that these tokens have no official ties to Trump or political figures.

In contrast, the price of Bitcoin has increased about 2.8% to $60,655, as reported by The Block.

Amid Trump’s evolving stance on cryptocurrency, his two eldest sons hinted at a “huge” forthcoming announcement related to decentralized finance, though it has been confirmed that it will not be a memecoin.