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Trump memecoin drops nearly 30% after Democrats win midterm elections
The Trump (TRUMP) memecoin fell almost 30% on November 5, trading at $1.27, after Democrats secured a majority in the U.S. midterm elections. The token is down about 98.31% from its January 2025 all‑time high of $75.35 and its market capitalization has slipped to $360 million. Launched on January 17, 2025 on Solana, the coin has a one‑billion supply, with 200 million initially released to the public and 800 million allocated to Trump‑affiliated entities. The price decline follows concerns that the new Congress may investigate Trump‑related crypto ventures.