The Trump-themed meme coin market has experienced a significant downturn, with $TRUMP, $TREMP, and $MAGA all suffering losses of over 60% in the past 24 hours.
This decline has sent shockwaves through the meme coin community, particularly for those who were betting on Trump’s political advantage translating into financial gains.
📢JUST IN: TRUMP MEMECOINS $TRUMP, $TREMP AND $MAGA TANKED 60%, 62% AND 55% RESPECTIVELY OVER THE LAST 24 HOURS
— BSCN Headlines (@BSCNheadlines) November 7, 2024
Currently, assets tied to the Trump concept have fallen from over $10 million to just $5.12 million, with the majority of the losses stemming from $TRUMP. One investor, using address 0x2f6…1Be78, made a near $250,000 investment in 70,000 $TRUMP tokens at an average price of $3.55 just yesterday.
This was driven by a surge of FOMO (fear of missing out) as early election results hinted at a strong performance by Trump. However, the market quickly turned against the investor, who is now facing a floating loss of around $88,000, or a 35.5% loss.
靴子落地👢特朗普概念 Meme 出现普跌，目前特朗普加密账户资产已跌至 512 万美金，曾一度超越 1 千万美金，缩水主要是由 $TRUMP 造成的
地址 0x2f6…1Be78 在昨天上午懂王选票占据较大优势的 FOMO 情绪下，投入近 25 万美金以均价 $3.55 高点买入 7 万枚 TRUMP，目前已浮亏 8.8 万美金（约 35.5%）😂… pic.twitter.com/t2YvoaIlRY
— Ai 姨 (@ai_9684xtpa) November 7, 2024
While meme coins are notoriously volatile, the recent plunge has left many investors reevaluating their positions. The hype surrounding Trump-related meme tokens had soared in anticipation of the election, but as the market cools, many of these speculative assets are feeling the heat of profit-taking and shifting sentiment.
As meme coins continue to ride the wave of political events, it remains to be seen whether $TRUMP and other related tokens will be able to recover or if further losses are on the horizon. For now, investors are left to grapple with the harsh reality of a meme coin market that can swing wildly in either direction.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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