Trump wins election, but U.S. election-themed MEME coins collectively crash, Harris-related tokens nearly zeroed out
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Trump wins election, but U.S. election-themed MEME coins collectively crash, Harris-related tokens nearly zeroed out
Unlike the celebratory atmosphere within Trump's camp, investors who bet on Trump-related meme coins might find it hard to smile.
Navigating Web3 tides with focused insightsBy Frank, PANews
On November 6, the U.S. presidential election finally concluded, with Donald Trump winning the race and set to become the 47th president of the United States. As expectations around the election shifted, the crypto world placed its bets in various ways. Beyond Polymarket, meme coins emerged as another major battleground.
However, unlike the celebratory atmosphere within Trump’s camp, investors who bet on Trump-themed meme coins might find it hard to smile. Rather than experiencing the anticipated surge following Trump’s victory, these related memecoins largely failed to take off—many instead suffered sharp declines. Tokens associated with the other candidate, Kamala Harris, fared even worse, generally plunging over 90%, with several nearly collapsing to zero.
Newer Memes Gained Popularity but Suffered Extreme Volatility
According to Coindesk, more than 1,000 U.S. presidential election-related meme coins were launched on Solana within a 24-hour period on November 5.
PANews monitoring of meme coins on Solana also revealed that among the top 20 most traded tokens on the Solana blockchain in the past 24 hours (November 6), nine were U.S. election-themed. The token coded $EAGLE recorded a trading volume of $42.4 million, becoming the most actively traded presidential election-related coin. In contrast, the previously popular Trump token TRUMP (MAGA) saw a trading volume of only $23.7 million.
Judging by trading volume, most of the election-day favorites on Solana were newly created memes from the past few days, while larger-cap, longer-established tokens did not stand out during the election. This is clearly not good news for those who had earlier invested in such meme coins expecting significant gains from a Trump win.
Beyond trading activity, most Trump-related tokens failed to deliver the explosive price rallies many had hoped for. Many newly launched tokens performed strongly before noon on November 6, but as the election outcome became increasingly certain, they began to plummet sharply. Several popular tokens dropped over 90%. For example, the token named magacycle was created on the morning of November 6 and remained in rapid uptrend until around 10:30 a.m. From that point, its price began to fall rapidly. By 4 p.m. on November 6, it had lost 91% from its peak. Other newly created tokens such as $EAGLE and $BSDNT also fell over 90%.
Established Memes Failed to See Expected Gains
Longer-standing Trump-themed memes also failed to achieve anticipated gains. $tremp2 rose about 30% over two days, while $DMAGA (Dark MAGA) experienced a rollercoaster—up approximately 110% in the morning but down around 70% by 5 p.m. on November 6, essentially returning to pre-rally levels. The same pattern occurred with MAGA, which surged 44% only to give up all gains. Over the long term, MAGA remains 82% below its historical high of $17 and would need to rise more than fivefold to reach that peak again. None of this materialized upon Trump’s election victory.
Compared to Trump supporters, investors betting on Harris may have suffered even greater losses. While Trump-linked tokens still hold potential for recovery depending on developments, Harris-related tokens appear to have been abandoned by the market. KAMA (on Solana), for instance, maintained a market cap above $20 million around 2 p.m., but by 5 p.m., its market cap had shrunk to just $1 million—a 95% collapse. Other once-higher-cap Harris tokens like $HARRIS, both on Solana and Ethereum, similarly experienced massive price drops and now sit at market caps of merely hundreds of thousands of dollars.
"When the News Is Out, It's Bad News?"
The reasons behind this phenomenon remain unclear due to lack of definitive data. However, PANews offers several possible explanations for the broad collapse of U.S. election-themed meme coins:
1. "Buy the rumor, sell the news." This seemingly paradoxical financial principle suggests that when a widely anticipated positive event finally occurs, markets often react with a sharp decline. For example, Bitcoin experienced a significant pullback shortly after the launch of Bitcoin ETFs.
2. Institutional caution amid uncertainty. During PANews’ Twitter Space event on the evening of November 4 titled “With Election Day Approaching, What’s Next for Crypto Markets?”, several institutional representatives noted that given the high level of market uncertainty, large funds tend to stay cautious, waiting for clarity before deploying capital. Indeed, the election-day meme coin rally appeared primarily driven by retail sentiment rather than institutional participation.
3. Mainstream crypto assets may be the real beneficiaries. On November 6, major cryptocurrencies like Bitcoin surged, with BTC reaching a record high above $75,000. This suggests that much of the capital flowed into established digital assets rather than speculative meme coins.
4. Market fragmentation due to excessive new meme supply. Over 1,000 election-related meme coins were issued on Solana the day before the election, with many more launched on election day itself. This flood of new tokens dispersed investor attention and capital across numerous projects, preventing any single one from capturing sustained momentum.
5. Severe homogenization and lack of meaningful narratives. Most of these election-themed memes were randomly generated tokens minted via platforms like Pump.fun, with little genuine connection to the actual candidates or political process. As a result, U.S. election memes ultimately resembled short-term gambling arenas—PvP games without lasting value propositions.
In summary, with the conclusion of the U.S. presidential election, the hype around election-themed memes appears to be winding down. For investors caught in the volatility, Trump’s return to power has not delivered the expected windfall. Going forward, as Trump officially takes office, whether his previous promises will translate into policy remains to be seen—and the broader crypto community may yet face similar disappointments.
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