Crypto market saw one of its best trading days on November 6th, with heightened optimism around Donald Trump’s second Presidency.
However, in what seems like a surprising move, memecoins that are linked to Donald Trump saw a huge sump just 24 hours after being up, being opposite to the entire market.
According to data from CoinMarketCap, TRUMP, TREMP, and MAGA tokens have seen sharp declines of 60%, 62%, and 55%, respectively, in the past day alone. This volatility demonstrates how erratic the cryptocurrency market is.
Trump Related Memecoin fall Despite Overall Market Recovery
The fall in the memecoins related to Donald Trump comes against the backdrop of other memecoins seeing a huge rise. This makes investors worry, if the price can stumble even further.
Data shows that Shiba Inu gained 6% and Dogecoin surged over 15% in the past one day. The price trajectory of most of cryptocurrencies followed that of Bitcoin, which hit a new high of over $76,000.
As the industry seeks clarity on future regulatory conditions, the cryptocurrency markets saw little volatility prior to the election. However, traders are now anticipating volatility given that this hype around a “pro-crypto” US government slowly starts to fade.
Trump Related Memecoins: Will They Keep Falling?
With the current fall in Trump related memecoins, the market is now questioning if the fading hype will cause a further damage these tokens.
If seen from the lenses of the Fear and Greed Index, all the three memecoins at present have a Fear and Greed Index of 69 Geed. This indicates that the overall sentiment for all the three tokens has turned bearish.
Over the previous 30 days, MAGA saw 13.21% price volatility and 13/30 (43%) green days. On the other hand, during the same course of time, Tremp saw 13.70% price volatility and 13/30 (43%) green days. Additionally TrumpCoin stands at 13 out of 30 (43%) green days in past 30 days and 2.23% price volatility.
With three technical analysis indicators indicating bullish signals and twenty-three indicating bearish signals, the overall MAGA price prediction sentiment is bearish.
On top of that, with four technical analysis indicators indicating bullish signals and twenty-one indicating bearish signals, the overall sentiment regarding the Doland Tremp price prediction is bearish.
Singing the same tone, with two technical analysis indicators indicating bullish signals and twenty indicating bearish signals, the overall sentiment regarding the price prediction of TrumpCoin is also bearish.