Trump-linked tokens lead crypto losses after Democrats sweep in the US midterms — SkimNews
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- TRUMP, the Official Trump memecoin, fell 17% over 24 hours to $1.33 on Wednesday, while WLFI dropped more than 7% to $0.047; together they were the two biggest losers among the top 100 cryptocurrencies.
- Democrats won surprise victories in Texas and took control of both the House and Senate from Republicans in Tuesday’s midterm elections.
- Bitcoin rose more than 4% over 24 hours to around $80,500 and Ether gained 6% to $2,433, while the overall crypto market rose 3.4% to $2.69 trillion.
- MELANIA fell nearly 13% to around $0.066, while the separate VANCE token dropped nearly 12%; VANCE has no confirmed official connection to Vice President JD Vance.
- The broader political memecoin market saw total market capitalization fall more than 16% to $477 million as trading volume jumped 123% to $437 million.
- CLARITY Act failed to advance in the Senate earlier this year after falling short of 60 votes; Democrats sought stronger ethics provisions and conflict-of-interest safeguards involving Trump’s crypto ventures, and four Republicans also opposed advancing it.
Why it matters: The 17% TRUMP decline and 16% political-memecoin contraction contrast with a 3.4% overall crypto gain to $2.69 trillion, showing that selling was concentrated in politically branded assets. Democrats now control both chambers, but CLARITY remains stalled, still needs 60 Senate votes and has drawn demands for stronger conflict-of-interest safeguards.
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