Author: Frank, PANews

On November 6, the grand spectacle of the U.S. presidential election finally came to an end, with Donald Trump winning the election and set to become the 47th president of the United States. As expectations around the U.S. election changed, the crypto world also placed its bets in different ways. Besides Polymarket, MEME coins became another hot battleground.

However, unlike the celebratory atmosphere in Trump's camp, investors betting on Trump-related MEME coins may find it hard to smile. With Trump's successful election, the related MEME coins did not experience the anticipated surge; instead, they collectively fizzled out, with most suffering significant declines. In contrast, tokens related to another candidate, Harris, plummeted by over 90%, with many nearly reaching zero.

New MEMEs Gained More Popularity but Experienced Wild Fluctuations

According to Coindesk, on November 5, over 1,000 MEME coins related to the U.S. presidential election were issued on Solana within a 24-hour period.

PANews also observed while monitoring MEME coins on Solana that among the top 20 coins by trading volume in the last 24 hours (on November 6), 9 were related to the U.S. election. The MEME coin coded EAGLE had a trading volume of $42.4 million, making it the most traded election-related token. In contrast, the previously popular Trump token TRUMP (MAGA) had a trading volume of only $23.7 million.

From the trading volume data, it appears that most of the popular tokens on election day were newly created MEMEs from the past few days, while some larger market cap tokens that had been around longer did not perform well on election day. This is clearly not good news for those who had already bet on certain MEME coins, hoping to achieve significant profits through Trump's victory.

In addition to the trading volume, most Trump-related tokens did not achieve the soaring market performance that the public expected. Most newly created tokens performed strongly before noon on November 6, but as the election results became more certain, these tokens began to plummet sharply. Many popular coins dropped by over 90%. For example, the token named magacycle was created on the morning of November 6 and was rapidly increasing until around 10:30 AM, but from that point, its price began to fall quickly, dropping 91% from its peak by 4 PM on November 6. Other newly created tokens like $EAGLE and $BSDNT also fell by over 90%.

Established MEMEs Did Not Experience the Expected Rise

Meanwhile, older Trump-related MEMEs did not see the anticipated rise either. $tremp increased by about 30% over two days, while $DMAGA (Dark MAGA) experienced a rollercoaster, rising about 110% in the morning but then dropping around 70% by 5 PM on November 6, returning to nearly its pre-increase level. The MAGA token followed a similar pattern, rising 44% before falling back to its original position. Over the long term, MAGA is still down 82% from its historical high of $17, needing to increase more than fivefold to return to its previous peak. None of this occurred when Trump won the election.

Compared to those betting on Trump, investors betting on Harris may be in a worse situation. After all, Trump-related tokens still have the potential to recover with changing circumstances. However, Harris-related tokens have clearly been abandoned by the market. The KAMA token (on Solana) had a market cap of over $20 million around 2 PM, but by 5 PM, its market cap had shrunk to just $1 million, evaporating 95% of its value. Other originally higher market cap Harris tokens like $HARRIS, whether on Solana or Ethereum, have also experienced significant price drops, with current market caps only in the tens of thousands of dollars.

Is Good News Actually Bad News?

As for why this phenomenon occurred, there is currently no data to explain the reasons. However, PANews can analyze the collective plunge of U.S. election-related MEME coins from the following perspectives.

1. Good news can lead to bad news. This seems to be a difficult-to-grasp principle in the financial investment field. Historically, every major market expectation of good news has often been followed by a significant drop when it materializes. For instance, the market for Bitcoin ETFs also experienced a substantial correction right after their launch.

2. Large funds tend to be more cautious in times of high market uncertainty. During PANews' Twitter Space event on the evening of November 4, titled "Election Day Approaches, What Will Happen Next in the Crypto World?", many institutional representatives indicated that the current market uncertainty is high, and large funds often choose to wait and see, deploying capital based on the market environment after everything settles. Clearly, the MEME market on election day was dominated more by retail behavior driven by emotions.

3. The biggest beneficiaries of the U.S. election may be mainstream crypto assets like Bitcoin. On November 6, mainstream crypto assets like Bitcoin experienced significant increases, with Bitcoin's price breaking historical highs and reaching $75,000. This indicates that a large amount of capital seems to have flowed into mainstream crypto assets.

4. The excessive issuance of new MEMEs diluted market attention. On the day before the election, over 1,000 related MEMEs were issued on Solana, and many new MEMEs were also issued on election day. The large number of new tokens inevitably spread the election-related funds across various projects, preventing any single project from capturing all the attention.

5. Severe homogenization and lack of real narrative ability. Looking at the MEMEs related to the U.S. election, most were randomly issued tokens through Pump.fun, with few having substantial connections to the election. Thus, the themed MEMEs for the U.S. election ultimately resembled a short-term PVP situation akin to gambling.

In summary, with the conclusion of the U.S. election, the related MEME hype seems to be coming to an end. For investors who experienced the wild fluctuations in MEMEs, Trump's ascension did not bring the expected benefits. In the future, as Trump officially takes office, it remains to be seen whether his previous declarations will materialize, and the entire crypto community may also experience similar disparities.

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