Traders Dump Trump-Inspired Memecoins After Crypto No-Show in Elon Musk Interview
Quick Take:
Former President Donald Trump joined Elon Musk for a live chat on Monday night, but the topic of cryptocurrency was notably absent from the two-hour conversation.
Several Trump-inspired memecoins saw a sharp sell-off in the aftermath, with traders likely disappointed by the lack of crypto discussion.
Memecoin Market Tanks Post-Interview
Following a much-anticipated live chat between Elon Musk and former President Donald Trump on the social media platform X, traders and degens in the crypto space are reacting with disappointment. The interview, which covered a range of topics from an attempted assassination on Trump to climate change, conspicuously avoided any mention of cryptocurrency. This omission led to a sharp sell-off in several Trump-inspired memecoins over the past 24 hours.
Heading into the interview, these memecoins were trading higher as speculation ran rampant about a potential crypto endorsement or discussion. However, as the chat concluded without any mention of digital currencies, the market quickly turned sour.
Major Memecoins See Significant Losses
MAGA (TRUMP): The largest Trump-centric token by market cap ($148 million) saw a more modest decline of 4.4%, currently trading at $3.22.
Hat (Ticker: MAGA): After surging over 40% on Monday, this token plummeted 24.5% in the last 24 hours.
Dark MAGA (DMAGA): This token experienced a steep drop of 42%.
Doland Tremp (TREMP): Another memecoin inspired by Trump, TREMP fell by 14.6%.
FreeTrump ($TRUMP): This token declined by 7.92%.
Polymarket Bets and Market Disappointment
In the lead-up to the interview, users on the prediction market platform Polymarket wagered around $5 million on the likelihood of Trump mentioning specific words during his conversation with Musk. “Crypto” was one of the most bet-on terms, and those who backed it saw the biggest losses as the word never came up, further fueling the sell-off in Trump-themed tokens.
Bitcoin Stays Strong Amid Memecoin Slump
While Trump-centric memecoins floundered, Bitcoin maintained its upward trajectory, rising about 2.8% to $60,655 during the same period, according to The Block’s BTC price page.
Future Prospects: Tease of a “Huge” Announcement
Despite the current sell-off, there may still be some hope for Trump-inspired crypto enthusiasts. Trump’s two eldest sons have hinted at a “huge” upcoming announcement related to decentralized finance (DeFi). While details remain scarce, it has been confirmed that the announcement will not involve a memecoin.
For now, the memecoin market remains in flux, with traders cautiously watching for any future developments that might reignite interest in Trump-related tokens.
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Source : Theblock
