Traders dump MAGA memecoins after Trump fails to talk crypto with Elon Musk
Quick Take
- Donald Trump joined Elon Musk for a live chat Monday night on X, but the topic of cryptocurrency did not arise during the two-hour interview.
- After trading higher heading into the interview, several memecoins inspired by the former president have sold off over the past 24 hours.
Several memecoins inspired by former President Donald Trump have sold off over the past 24 hours, with degens and traders perhaps disappointed with his live chat hosted by Elon Musk.
On Monday night, the Tesla CEO hosted a Spaces event on the social media platform X with the Republican presidential nominee. Despite a 40-minute delay due to some technical difficulties, the pair spoke for two hours on topics ranging from the attempted assassination of Trump to climate change and sustainable energy. One topic that never came up, however, was crypto.
In fact, Polymarket users bet about $5 million on the chances of Trump saying certain words during his conversation. Those who bet on “crypto” saw the most significant losses as it had the most money in a losing market. That disappointment has also spilled over into the memecoin market, where several tokens surged in Monday's session.
MAGA Hat (Ticker: MAGA) is down 24.5% over the past 24 hours after surging more than 40% on Monday, while Dark MAGA (DMAGA) is down 42%. Other tokens that saw decent gains yesterday, such as Doland Tremp (TREMP) and FreeTrump ($TRUMP), are also selling off.
MAGA (TRUMP), which is the largest Trump-centric token by market cap ($148 million), is down a more modest 4.4% to $3.22 at publication time. The PolitiFi subsector is tracked by CoinGecko and these tokens have no official affiliation to Trump or any other political figures.
Meanwhile, the price of bitcoin is up about 2.8% to $60,655, according to The Block's BTC price page.
Amid Trump's change of heart on cryptocurrency, his two eldest sons have teased a "huge" announcement related to the world of decentralized finance. While details are scarce, it's been confirmed that the announcement will not be a memecoin.
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