Photo: The White House / Daniel Torok via Wikimedia Commons
Two cryptocurrencies tied to President Donald Trump were the biggest losers among the top 100 digital coins on Wednesday, even as the rest of the crypto market rallied on the Democratic sweep of Congress.
The Official Trump memecoin (TRUMP) fell about 19% over 24 hours to $1.28, and World Liberty Financial’s token (WLFI) dropped about 6% to around $0.048 as of about 4:15 p.m. ET Wednesday, according to CoinGecko data. Earlier in the day the coins were down 17% and 7%, Cointelegraph reported.
The rest of crypto went the other way. Bitcoin rose about 3% to roughly $80,200 and Ether climbed about 6% to around $2,424, while the total crypto market gained ground on the day.
TRUMP is the president’s official memecoin, launched in January 2025. WLFI is the governance token of World Liberty Financial, a Trump family-backed crypto finance project launched in 2024. Someone who put $1,000 into the TRUMP coin a day ago was sitting on roughly $810 by Wednesday afternoon.
The selloff followed Democrats winning control of both the House and Senate in Tuesday’s midterm elections, including surprise wins in Texas. Analysts say the results could make it harder for Trump to advance his crypto agenda in Washington and could bring more scrutiny to his family’s crypto businesses.
“Bitcoin and other established assets respond to a combination of liquidity, institutional flows and macroeconomic conditions, while politically linked tokens can be more sensitive to shifts in expectations around Washington,” Benjamin Sarquis Peillard, founder and CEO of DeFi platform Cap, told Cointelegraph. He said the longer-term question is what supports demand for these tokens beyond their association with a political figure.
The losses spread across political coins. The MELANIA memecoin, associated with First Lady Melania Trump, fell about 14% to roughly $0.065. A separate token named after Vice President JD Vance dropped about 12%, though Cointelegraph noted it has no confirmed official connection to the vice president. The political memecoin sector’s total market value sank more than 16% on the day to $477 million, while trading volume jumped 123% to $437 million, per CoinMarketCap data.
JBizNews Desk | New York
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
