Republican

Donald Trump

MAGA: Fight for Trump

Trump Media

Political meme coins are a bust as digital tokens inspired by Republican presidential candidate Donald Trump plummet in value.
<ul>
 <li>TrumpCoin (<a href="https://crypto.news/price/trumpcoin/" rel="noopener noreferrer nofollow">DJT</a>) token crashed to a record low of $0.000157</li>
 <li>MAGA: Fight for Trump (TRUMPCOIN) slipped to $0.0059, giving it a market cap of over $5.9 million.&nbsp;</li>
 <li>MAGA (<a href="https://crypto.news/price/maga/" rel="noopener noreferrer nofollow">TRUMP</a>), the biggest Trump-themed token, continued to fall by over 53% from its highest point this year.</li>
</ul>
<figure class="wp-block-image size-full"><img loading="lazy" width="1856" height="1086" src="https://crypto.news/app/uploads/2024/08/DJTUSDT_2024-08-18_15-21-51.png" alt="Trumpcoin vs Maga vs Trump tokens">
 <figcaption>
 Trumpcoin vs MAGA vs TRUMP tokens | Source: <a href="https://crypto.news/price/maga/" target="_blank" rel="noopener noreferrer nofollow">crypto.news</a>
 </figcaption>
</figure>
Trump
The same trend has happened in the stock market where the Trump Media &amp; Technology Group stock has fallen to $23, its lowest point since April.&nbsp;
One reason for this sell-off is that Trump’s odds of winning the general election have slimmed after President <a href="https://crypto.news/joe-biden-quits-campaign-what-it-means-for-crypto/" target="_blank" rel="noopener noreferrer nofollow">Joe Biden exited the race</a>.
According to a <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1723981814037" target="_blank" rel="noopener noreferrer nofollow">Polymarket poll</a> with over $628 million in assets, Trump and Vice President Kamala Harris are tied at 49% on Aug. 18, meaning that <a href="https://crypto.news/kamala-harris-surges-ahead-on-polymarket-trump-falters-as-traders-bet-big/" target="_blank" rel="noopener noreferrer nofollow">her odds have slipped</a> in the past few days.&nbsp;
You might also like: <a href="https://crypto.news/kamala-harris-surges-ahead-on-polymarket-trump-falters-as-traders-bet-big/" rel="noopener noreferrer nofollow"> Kamala Harris surges ahead on Polymarket, Trump falters as traders bet big </a>
A national poll by the <a href="https://www.nytimes.com/interactive/2024/us/elections/polls-president.html" target="_blank" rel="noopener noreferrer nofollow">New York Times shows</a> that Harris has a 49% chance of winning the presidency against Trump’s 47%. She also leads in some states like Wisconsin, Michigan, and Pennsylvania, while Trump leads in Arizona and Georgia.
Still, it is too early to predict who will win the election since most of these polls are within a margin of error.&nbsp;
<h2 class="wp-block-heading" id="meme-coins-retreat">Meme coins retreat</h2>
The ongoing retreat of tokens like Trumpcoin, Maga Hat, Trump, and Maga coincide with the <a href="https://crypto.news/meme-coins-dogwifhat-brett-bonk-pepe-weekend-losses/" target="_blank" rel="noopener noreferrer nofollow">ongoing meme coin crash</a>.
Most meme coins have been in a steep sell-off in the past few weeks, bringing their total market cap to over $38 billion, down from the year-to-date high of over $63 billion. Most of them, including popular names like Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">DOGE</a>), Pepe (<a href="https://crypto.news/price/pepe/" target="_blank" rel="noopener noreferrer nofollow">PEPE</a>), and Dogwifhat (<a href="https://crypto.news/price/dogwifhat/" target="_blank" rel="noopener noreferrer nofollow">WIF</a>) have fallen by double digits from their highest points this year.&nbsp;
Meanwhile, Bitcoin is consolidating between the support level at $57,000 and the resistance point at $61,000. Typically, meme coins underperform the market when Bitcoin is not doing well.
On the positive side, there are signs that politicians are warming up to crypto. Trump often promises at his rallies and on his social media platform, Truth Social, that he plans to enact crypto-friendly policies if he wins a second term.
Democrats have also started to embrace cryptocurrencies and are working on a crypto regulation bill, according to recent comments from Senate Majority leader Chuck Schumer.
Read more: <a href="https://crypto.news/donald-trump-announces-pro-crypto-transition-team/" rel="noopener noreferrer nofollow"> Donald Trump announces pro-crypto transition team </a>

Trump meme coins crash, Harris Polymarket odds dip

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