Official Trump (TRUMP) and Melania Meme (MELANIA) fell to record lows after Democrats won Congress in the midterm elections, while Trump Media & Technology Group (DJT) stock also closed at a record low on Wednesday.
The broader crypto market moved in the opposite direction. Bitcoin (BTC) gained 4.36% over the past 24 hours, and Ethereum (ETH) rose 6.50%, according to BeInCrypto Markets data.
Record Lows on a Green Day for Crypto
TRUMP dropped 18.10% over 24 hours to $1.25. The meme coin touched a record low of $1.22 on November 4. It now trades 98.3% below its $73.43 peak from January 2025.
MELANIA lost 13.15% over the same period to $0.06488 after setting a record low of $0.06378. It sits 99.5% below its $13.05 peak.
DJT stock fell 24.54% on Wednesday to close at $4.49 on the Nasdaq, down from $5.95 a day earlier. This was the lowest close on record for Trump Media stock.
World Liberty Financial (WLFI), the token of the Trump-backed DeFi venture, was the exception. It rose 3.22% to $0.04758, though it also hit a record low of $0.04575 on November 4.
Democrats Trade Letters for Subpoenas in January
The Trump meme coins hit their lows as Democrats prepared to take over key oversight committees.
Rep. Robert Garcia, who will chair the House Oversight Committee, marked the win with a short post on X: “LAWYER UP.”
Garcia told Punchbowl News the panel will examine the family’s crypto deals, Fortune reported. The outlet expects World Liberty to be first in line. Democrats have focused on a $500 million stake an Emirati royal bought last year.
Until now, Democrats could only ask. In June, Elizabeth Warren and four other Senate Democrats demanded hearings into that stake.
In July, Warren and Adam Schiff also urged the Securities and Exchange Commission to probe Trump Media’s Truth API. The service sells trading firms early access to Trump’s posts. From January, subpoenas can compel documents and testimony without the president’s signature.
Before Election Day, White House spokeswoman Lauren Bis dismissed Democrats’ plans as a decade-long campaign against Trump. Trump has also threatened to veto any bill, and overriding him requires two-thirds of both chambers.
For TRUMP holders, the next date is November 22. That day, the coin’s top 185 holders are due to attend a gala dinner with Trump.
