Donald Trump's and Melania Trump's official memecoins — Trump (TRUMP) and Melania Meme (MELANIA) — hit all-time lows immediately after the Democrats' victory in the midterm congressional elections. Shares of the media company Trump Media & Technology Group (DJT) closed Wednesday's trading at the lowest level in the security's entire history.
At the same time, the broader cryptocurrency market showed the opposite dynamic. Bitcoin (BTC) rose 4.36% over the day, while Ethereum (ETH) gained 6.50% — a classic scenario of divergence between institutional assets and political tokens.
New Lows Against the Backdrop of a Crypto Market Rally
TRUMP fell 18.10% over the day, retreating to $1.25. The memecoin hit an all-time low of $1.22 on November 4. It is now 98.3% below its peak of $73.43 set in January 2025.
MELANIA lost 13.15% over the same period and is trading at $0.06488 after updating its all-time low at $0.06378. The memecoin is now 99.5% below its peak of $13.05.
DJT shares fell 24.54% on Wednesday and closed at $4.49 on the Nasdaq exchange — the day before they were worth $5.95. This is the lowest close in the entire trading history of Trump Media securities.
The exception was World Liberty Financial (WLFI) — the token of the Trump-backed DeFi project. It rose 3.22% to $0.04758, although it also hit a low of $0.04575 on November 4.
Democrats Prepare Official Subpoenas in Congress Starting in January
Trump's memecoins began to plummet in price as Democratic Party representatives prepare to lead key congressional oversight committees. Incoming House Oversight Committee Chairman Robert Garcia said the committee will examine the Trump family's cryptocurrency deals. World Liberty's team will be the first to be called. Democrats focused on a $500 million stake purchased last year by a representative of the UAE royal family.
Previously, Democratic lawmakers did not have the authority to conduct coercive investigations. For example, in June, Senator Elizabeth Warren, along with four Democratic colleagues, sent a request to hold hearings on this deal.
In July, Warren and Adam Schiff also urged the US Securities and Exchange Commission (SEC) to scrutinize Trump Media's Truth API. This service sells early access to Trump's posts to trading firms. Starting in January, subpoenas will be able to compel the production of documents and testimony without the president's signature.
The key date for TRUMP investors remains November 22. On that day, the 185 largest holders of the asset will attend a gala dinner with Trump.
Cryptalist Analysis: The market clearly demonstrates that politically affiliated memecoins trade as derivative instruments of electoral expectations rather than fundamental metrics. The divergence between TRUMP and BTC confirms the thesis that capital flows from purely speculative political tokens into liquid majors amid rising regulatory uncertainty. Investors should account for the high risk of further volatility around the November 22 date and the start of oversight committee work in January.