MEME battlefield under the US election: election-related MEME coins are collectively shut down, and Harris tokens are almost zero

Author: Frank, PANews

On November 6, the drama of the US presidential election finally came to an end. Donald Trump won the election as he wished and will become the 47th president of the United States. As the expectations of the US election change, the crypto world also bets on different sides in different ways. In addition to Polymarket, MEME coin is another hottest battlefield.

However, unlike the atmosphere of victory celebration in the Trump camp, investors who bet on Trump-related MEME coins may find it difficult to laugh, because with Trump's successful election, his related MEMEs failed to usher in the imagined surge, but instead collectively misfired, and most of them even suffered a sharp drop. The related tokens of another candidate Harris have generally plummeted by more than 90%, and many have even almost returned to zero.

New MEME is more popular, but it has experienced ups and downs

According to Coindesk, more than 1,000 US presidential election-related MEME coins were issued on Solana within 24 hours on November 5.

PANews also observed when monitoring the MEME coin on Solana that, in the last 24 hours (November 6), among the top 20 coins with the largest trading volume on the Solana chain, 9 were MEME coins related to the US election. Among them, the MEME coin codenamed EAGLE had a trading volume of 42.4 million US dollars, becoming the most traded presidential election-related token. The trading volume of the previously most popular Trump token TRUMP (MAGA) was only 23.7 million US dollars.

Judging from the transaction volume data, most of the popular tokens on the Solana chain on election day are new MEMEs created in recent days, while some tokens with larger market capitalization and longer creation time did not perform very well on election day. This is obviously not good news for those who have already bet on some MEME coins and hope to make a big profit through Trump's victory.

In addition to the popularity of trading volume, most Trump-related tokens have not achieved the soaring market that the public expected in terms of market performance. Most newly created tokens performed strongly before noon on November 6, and as the certainty of the election results gradually stabilized, these tokens began to fall sharply. Many popular currencies fell by more than 90%. Take the token called magacycle as an example. This token was created on the morning of November 6 and was in a state of rapid increase until about 10:30. From 10:30, the price of this token began to fall rapidly. As of 4 pm on November 6, it had fallen 91% from its high point. Other newly created tokens such as $EAGLE, $BSDNT, etc. have also fallen by more than 90%.

The old brand MEME failed to usher in the expected rise

The Trump-related MEME, which was created a long time ago, failed to usher in the expected rise. $tremp rose by about 30% in 2 days, and $DMAGA (Dark MAGA) experienced a roller coaster ride, rising by about 110% in the morning, but fell by about 70% as of 5 pm on November 6, and the price basically returned to the level before the rise. The script of MAGA is exactly the same. It also rose by 44% and then fell back to its original position. From a long-term perspective, MAGA has lost 82% of its market value from its historical high of $17. It is expected that it will need to rise by more than 5 times to return to its previous high. All this did not happen when Trump won the election.

Compared with Trump bettors, investors who bet on Harris may be in a worse situation. After all, Trump tokens may still rebound as the situation changes. But Harris tokens have obviously been abandoned by the market. The market value of KAMA (on the Solana chain) token was still above 20 million US dollars at around 2 o'clock. As of around 5 o'clock, its market value was only 1 million US dollars, evaporating 95% of its market value. Other Harris tokens with higher market value, such as $HARRIS, have experienced a big price plunge, whether on the Solana chain or the Ethereum chain, and the current token market value is only a few hundred thousand US dollars.

When all the good news is out, it turns into bad news?

As for why this phenomenon occurs, there is no data to explain it yet. However, PANews can roughly analyze the reasons for the collective plunge of MEME coins in the US election from the following aspects.

1. When good news comes out, bad news comes out. This is a seemingly unfathomable law in the field of financial investment. In the past, every good news that the market expected also ushered in a sharp decline when it was implemented. For example, the market price of Bitcoin ETF also experienced a sharp correction when it was first launched.

2. Large funds choose to be more cautious when the market is more uncertain. In the Twitter Space event of PANews on the evening of November 4, "Election Day is approaching, what will happen in the cryptocurrency circle in the future?", many institutional representatives said that the current market uncertainty is high, and many large funds will choose to wait and see for the time being, waiting for everything to be settled before deploying funds according to the market environment. Obviously, in the MEME market on election day, we did see more retail behavior driven by emotions.

3. The biggest beneficiaries of the US election may be mainstream crypto assets such as Bitcoin. On November 6, mainstream crypto assets such as Bitcoin saw a sharp rise. The price of Bitcoin broke through the historical high to reach $75,000. This also shows that a large amount of funds seem to have flowed into mainstream crypto assets.

4. Too many new MEMEs were generated, distracting the market’s attention. On the day before the election, more than 1,000 related MEMEs were issued on Solana, and a large number of new MEMEs were issued on the day of the election. A large number of new tokens will inevitably disperse the funds participating in the election to various markets, resulting in no one project being able to attract all the attention.

5. There is serious homogeneous competition and lack of real narrative ability. From the perspective of the background of these US election-related MEMEs, most of them are random tokens issued on Pump.fun, and few of them have substantial connections with the election. Therefore, the US election-themed MEMEs are ultimately short-term PVP situations like gambling.

Overall, with the end of the US election, the MEME craze for related topics seems to be coming to an end. For MEME investors who have experienced ups and downs, Trump's coming to power has not brought the expected good things. In the future, as Trump officially enters the White House, it remains to be seen whether his previous declarations can be implemented, and it is unknown whether the entire crypto community will experience a similar gap.