Trump-Themed Tokens Suffer on 'Buy the Rumor, Sell the News' Trend-web3.0-php.cn

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Trump-Themed Tokens Suffer on 'Buy the Rumor, Sell the News' Trend

Linda Hamilton

Nov 08, 2024 am 06:04 AM

US Election ResultsTrump-themed coins

The PoliFi tokens drop happened despite the broader rise in the crypto market following Donald Trump's victory in the US election.

Trump-Themed Tokens Suffer on 'Buy the Rumor, Sell the News' Trend

The victory of Donald Trump in the US election on Wednesday and the euphoria that followed failed to boost the price of Trump-themed memecoins, largely due to the so-called ‘sell the news’ trend. These tokens, which had seen significant gains earlier in the week, dropped by double digits following his win.

Some of the popular memecoins lost over 25% in market capitalization just a day after the victory, including TRUMP, MAGA, and TREMP.

Trump-Themed Tokens Suffer on ‘Buy the Rumor, Sell the News’ Trend

The PoliFi tokens drop occurred despite the broader rise in the crypto market following Donald Trump’s victory in the US election. The tokens that were linked to Trump, among others, took a hit. The decline did indeed shake investor confidence in the PolitiFi assets, with traders seemingly selling the news—a pattern not too different from past meme coin behavior.

Similarly, like the rapid surge of Dogecoin prior to Elon Musk’s Saturday Night Live appearance in May of 2021, which peaked at $0.73 and fell over 30% shortly after, political tokens experienced a sharp sell-off following the election hype. For its part, DOGE is still 74% below its all-time high at current levels.

This is part of the “buy the rumor, sell the news” trend common with event-driven tokens that tend to be susceptible to political changes. Despite Trump’s win, the slump in these meme coins should bring about the realization of a possible weakness in the appeal for such meme coins and that some of their liquidity might be shifting from them.

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