🌎 Trump-Themed Meme Coins Crash as Election Odds Shift

Political meme coins have seen a significant decline as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value. The TrumpCoin (DJT) token crashed to a record low of $0.000157. MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, with a market cap of over $5.9 million.

MAGA (TRUMP), the largest Trump-themed token, has continued to fall by over 53% from its highest point this year. This trend is also reflected in the stock market, where the Trump Media & Technology Group stock has fallen to $23, its lowest point since April.

One reason for this sell-off is the slimmed odds of Trump winning the general election after President Joe Biden exited the race. According to a Polymarket poll with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% as of August 18, indicating that her odds have slipped in the past few days.

A national poll by a major publication shows that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads in Arizona and Georgia. However, it is too early to predict the election outcome as most of these polls are within a margin of error.

Meme Coins Retreat

The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincides with the broader meme coin crash. Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Popular names like Dogecoin, Pepe (PEPE), and Dogwifhat (WIF) have also fallen by double digits from their highest points this year.

Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.

On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform that he plans to enact crypto-friendly policies if he wins a second term. Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.