Trump Memecoins Plummet as Bitcoin Hits All-Time High

“Buy the rumor, sell the news,” traders strike again as Trump memecoins get crushed while the rest of the market surges.

The $TRUMP token is down 40%, and $47 is down 75% since the election results started to come in, as traders and long-term holders sold the news of a Trump victory in the U.S. presidential election.

Outside of a large selloff in late September, $TRUMP is now worth $113 million, its lowest valuation since February and an 85% decrease from its all-time high in June.

The bearish price action is likely particularly painful for long-term holders, as the entire market is rallying due to Trump’s successful election bid, while the de facto Trump memecoin plummets to local lows.

However, some are using it as an opportunity to double down on the token. One holder, who goes by BEN on X, said, “Just bought more $TRUMP for the first time since last autumn.”

The $TRUMP token launched in August 2023 and has amassed nearly 108,000 token holders across Ethereum, Base, Solana, and Binance Smart Chain. The community was also quick to send Donald Trump’s address an allocation of the $TRUMP token, and the president-elect now holds nearly $1.5 million worth of the token.