According to Arkham Intelligence, Donald Trump currently holds around 579,290 TRUMP tokens, worth approximately $1 million. However, the MAGA Hat (MAGA) token, which is not directly affiliated with Trump, has also experienced a similar drop. According to CoinGecko data, MAGA token surged to $0.0002 following the election victory but has fallen 55% over the past 24 hours.

Other Trump-themed memecoins have also plummeted. Dark MAGA (DMAGA) dropped by 75%, Super Trump (STRUMP) by 50%, and MAGA: Fight for Trump (TRUMPCOIN) by 56%.

Donald Trump won the presidential election on November 6, surpassing the 270 electoral vote threshold with a total of 295 votes. Kamala Harris received 226 votes, with only 17 votes remaining to be counted in Nevada and Arizona.

Meanwhile, other memecoins saw gains. Dogecoin rose by 10% throughout the day, reaching $0.20, while Shiba Inu gained 6%, and the third largest memecoin by market cap increased by 18%. According to CoinGecko data, the rise of these memecoins continues.

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“The market is reacting knee-jerk to apparently a better-than-expected performance by Harris in the debate so far,” Presto’s head of research Peter Chung said Tuesday night.

Having a market capitalization of $132 million, MAGA is the biggest of these coins and down 16%. While MAGA Hat (MAGA) and Doland Tremp (TREMP +1.77%) are down a sharper 22% and 28%, respectively, Super Trump (STRUMP) is down 10%. Other Trump-centric tokens showing notable selloff—that is, at least 20%—are Dark MAGA (DMAGA) and Fight to MAGA (FIGHT). About 11% of the Kamala Horris (KAMA) token is down.

The price movement in these memecoins has become normal for such kinds of events because the coins had comparable selloffs after Trump’s debate with Biden as well as his live X interview with Elon Musk.

“The U.S. presidential debate was a sell-the-news event with Trump’s performance underwhelming in comparison to his previous debate against Biden, and the consensus view seems to be that it was a loss for him,” Bitfinex analysts noted.

The issue of cryptocurrencies never surfaced throughout the ninety-minute debate. Over on Wall Street, Trump Media & Technology Group Corp. (ticker: DJT) was down 11% at publishing time, downing about 60% over the past six months.

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