Cryptocurrencies tied to US President Donald Trump fell sharply after Democrats secured control of both the House of Representatives and the Senate in the November 3 midterm elections, even as the broader digital asset market moved higher.
The Official Trump (TRUMP) memecoin and World Liberty Financial's WLFI token were among the weakest performers across the top 100 cryptocurrencies on Wednesday, November 4, according to CoinGecko data.
Trump Tokens Lead Losses
TRUMP dropped approximately 17% over 24 hours to $1.33, while WLFI lost more than 7%, trading near $0.047. Melania Trump's MELANIA token also suffered a significant decline, falling nearly 13%.
The selloff contrasted with a broader crypto market recovery, as Bitcoin gained more than 4% and Ethereum advanced approximately 6%.
Political Shift in Washington
The losses of the Trump crypto tokens followed a major shift in Washington, with Democrats winning both chambers of Congress. The reaction highlights how closely certain politically associated digital assets remain tied to expectations surrounding Washington's regulatory direction and the future of the crypto markets.
The election outcome could complicate the administration's crypto agenda while increasing political and regulatory scrutiny of Trump-associated digital asset ventures.
Decline From Peak
Introduced in January 2025, shortly before Trump's presidential inauguration, the Official Trump token initially attracted considerable attention from cryptocurrency traders. Its price climbed rapidly, eventually reaching an all-time high of approximately $73.43.
However, the memecoin has since lost more than 98% of its peak value, highlighting the difficulty of maintaining investor enthusiasm around politically themed digital assets. The latest decline also raises questions about the token's ability to attract sustained demand beyond its association with Trump's public profile.
