Digital tokens traded in the red on Tuesday as the global cryptocurrency market cap lost 2.33% in the previous 24 hours to $3.29 trillion.
While Bitcoin’s retreat from the latest peak of above $105,000 to $102,900 at press time triggered notable declines in the altcoin space, politically linked meme tokens seemed to suffer the most.
While the global crypto market cap declined by 2.33% in the past day, the value of PolitiFi tokens declined by 7% to $2.9 billion.
The significant dip highlights the high volatility associated with PolitiFi meme cryptocurrencies.
TRUMP and MELANIA lead the downside
The PolitiFi asset space is becoming saturated with new entrants joining daily.
Thus, our focus remained on the top tokens: Official Trump and Melania.
The duo displayed weakness amidst the ongoing bearish wave.
TRUMP lost over 10% in the last 24 hours despite optimistic ecosystem news.
The alt trades at $12.80 after touching $15 yesterday.
The soaring trading volume likely suggests increased activity from traders capitalizing on the prevailing volatility.
Also, MELANIA dropped nearly 10% within the past day to hover at $0.3747.
These tokens have failed to stabilize despite positive updates in the political arena.
For instance, the increasing trade war tension between the US and China has cooled following the nations’ agreement over the weekend.
At the same time, TRUMP doesn’t reflect any momentum despite the upcoming dinner between the top holders and the US president.
Is the crypto market finally moving from speculative activities to projects with real-world value?
Remember, Ethereum’s co-founder warned about digital assets linked to governments, calling them “vehicles for unlimited political bribery.”
Truth Social clears token launch rumors
The Trump Media and Technology Group has announced that it will not launch a meme token for its social media site, Truth Social.
Donald Trump Jr confirmed the news on X, emphasizing, “Don’t be fooled by false information people are circulating.”
