The official Trump memecoin (@GetTrumpMemes) was among the biggest decliners in the crypto market on Wednesday, after Democrats won control of both chambers of Congress in the US midterm elections. $TRUMP lost double-digit value over 24 hours, while Bitcoin $BTC and Ether $ETH moved higher.

Data providers report different figures depending on the time of measurement. Crypto Intelligence reported that the token fell 17% over 24 hours to trade near $1.33, making it the biggest loser among the top 100 cryptocurrencies by market value. Other trackers showed a smaller or larger move at different points in the day.

Trump-Linked Assets Fall Together

The slide was not limited to the memecoin. Bloomberg reported that President Donald Trump's social media company and his memecoin both dropped after the Democratic victory. Bloomberg said the simultaneous decline in the two assets, which trade heavily on retail speculation, suggests investors are anxious about how the result could affect businesses linked to the president, which are now expected to face fresh congressional oversight.

Bloomberg also noted that Democrats have signalled for months that they would pursue investigations into the president and his family's business interests if they won a chamber of Congress.

Other politically themed tokens also lost ground. According to CoinTurk, the MELANIA memecoin fell nearly 13% to $0.066, and a token named after Vice President JD Vance dropped almost 12%.

Bitcoin and Ether Move Higher

Larger digital assets moved in the opposite direction. Analytics Insight reported that Bitcoin traded near $80,417, up 5.3% over 24 hours, as the election results eased uncertainty and triggered short liquidations. In the same report, Ethereum was up 7.9%. Figures vary by data provider and the time they were taken.

The election outcome also raises questions about US crypto legislation. CoinTurk cited an analyst who said the results introduce a new layer of regulatory uncertainty, particularly around the pace and direction of digital asset legislation. The impact on future crypto lawmaking remains uncertain.

Price declines alone do not establish a single cause. Traders may be reacting to several factors, including the prospect of congressional scrutiny and broader positioning in a volatile segment of the market.

Sources:

  • Bloomberg via Yahoo Finance: Trump Media Falls to All-Time Low As Republicans Lose Congress

  • Crypto Intelligence: Trump-Linked Tokens Slide While Bitcoin And Ether Rally

  • Analytics Insight: Crypto Prices Today

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