From Cointelegraph · By Jona Jaupi
Two crypto tokens linked to US President Donald Trump led losses among the top 100 digital assets on Wednesday following the US midterm elections, raising questions about their future as the broader crypto market rallied.
Official Trump (TRUMP) fell 17% over 24 hours to $1.33, while World Liberty Financial (WLFI) dropped over 7% to $0.047, according to CoinMarketCap data from around 5:32 p.m. UTC. TRUMP is the president’s official memecoin, launched in January 2025, while WLFI is the governance token of World Liberty Financial, a Trump family-backed decentralized finance (DeFi) project launched in 2024.
The declines followed a wave of Democratic victories, including surprise wins in Texas, in Tuesday’s midterm elections, with the party winning control of both the House and Senate from Republicans.
The results could not only make it harder for Trump to push forward his crypto plans but also bring more scrutiny to his family’s crypto businesses. Analysts say the losses also raise questions about whether political sentiment alone can fuel demand for Trump-linked tokens.
Political tokens slide while Bitcoin, Ether rally
Bitcoin (BTC) rose more than 4% over 24 hours to around $80,500, while Ether (ETH) climbed 6% to $2,433, according to CoinMarketCap data. Other major cryptocurrencies also posted gains, with BNB rising 3%, XRP climbing 2.6% and Solana (SOL) gaining 2.5%. The overall crypto market rose 3.4% to $2.69 trillion.
Meanwhile, the losses extended to other Trump family-linked tokens, such as the MELANIA memecoin, associated with First Lady Melania Trump. MELANIA dropped nearly 13% over 24 hours to around $0.066.
A separate token named after Vice President JD Vance (VANCE) also dropped nearly 12%, although it has no confirmed official connection to the vice president.
The losses were further reflected across the broader political memecoin market with the sector’s total market capitalization falling more than 16% on the day to $477 million. Trading volume jumped 123% to $437 million, per CoinMarketCap data.
Related: US midterm elections 2026 as it happened: Democrats win control of Congress
A growing divergence raises lingering questions
Benjamin Sarquis Peillard, founder and CEO of Cap, a DeFi platform focused on stablecoin yields, told Cointelegraph that investors appear to be treating politically linked tokens differently from other cryptocurrencies.
“Bitcoin and other established assets respond to a combination of liquidity, institutional flows and macroeconomic conditions, while politically linked tokens can be more sensitive to shifts in expectations around Washington,” he said. “Even as the broader market recovers, those tokens may face selling pressure if investors begin reassessing their risk exposure.”