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Trump-linked Tokens Plunge Amid Congressional Control Shift
Trump-linked cryptocurrencies, including TRUMP, MELANIA, and WLFI, fell sharply after Democrats secured control of both chambers of Congress. TRUMP dropped 17%, MELANIA lost nearly 13%, and WLFI declined more than 7%. Bitcoin and Ethereum advanced, with Bitcoin gaining over 4% and Ether climbing 6%. The selloff unfolded as investors assessed the midterm results' implications for Trump family crypto ventures. Combined market capitalization of political memecoins dropped more than 16% to $477 million. However, falling token values alongside gains in Bitcoin and Ethereum do not establish that investors moved funds directly between them. Benjamin Sarquis Peillard, CEO of Cap, noted that political tokens may be especially sensitive to changing expectations in Washington.