Bitcoin, Meme Coins, Coinbase Soar On Donald Trump Win Even As Trump-Themed Tokens Implode

Updated: 07 November 2024

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Bitcoin, meme coins and Coinbase shares soared after Donald Trump won the US election, even as tokens linked to the incoming president nosedived.

JUST IN 🚨: Coinbase $COIN soars by more than 30%, its largest gain in history 📈 pic.twitter.com/L7QuNzWAuS

— Barchart (@Barchart) November 6, 2024

BTC soared more than 10% from an opening price of $67,850.01 yesterday to trade at $74,756.42 as of 2:40 a.m. EST.

Meanwhile, meme coins stole the show with a 13% surge in their collective market cap.

And the post-election gains were not limited to crypto tokens, with the share price of Coinbase, the leading US crypto exchange, soaring over 31% during yesterday’s trading session.

Small-Cap Meme Coins Rally After Donald Trump Win

Smaller-cap meme coins were the top gainers in the lighthearted sector of the crypto market. Following an impressive 301% gain, AMATERASU OMIKAMI (OMIKAMI) claimed the title of the best 24-hour performer in the meme coin market.

Joe Coin (JOE) and Luce (LUCE) came in second and third place with their respective gains of 47% and 32%. The fourth biggest gain in the meme coin market was posted by Keyboard Cat (KEYCAT), with Moo Deng (MOODENG) and Neiro On ETH (NEIRO) filling in the fifth and sixth positions.

Larger projects including Dogecoin (DOGE) and Dogwifhat (WIF) were among the worst-performing meme coins. Legacy token and pioneering meme coin DOGE saw its price plummet over 8% in the last 24 hours, while WIF shed more than 5% of its value during the same period.

Trump Tokens Take A Hammering

Political meme coins took a massive knock, with their collective valuation plunging over 21%. Most of these losses were recorded by tokens linked to Trump.

Some of the biggest in this category, such as MAGA Hat (MAGA), MAGA (TRUMP) and TRUMP 47 (47) lost the most value. MAGA dived more than 49%, while TRUMP plunged over 46% and 47 plummeted 70%.

Not all political meme coins are suffering after the election. New presale token FreeDum Fighters (DUM) continues to thrive and has now raised over $445K.