Trump-Linked Tokens Crash as Democrats Win Midterms

U.S. President Donald Trump-linked tokens crashed by as much as 11% before partially recovering, but failed to rebound like bitcoin as Democrats won control of both the Senate and House.

As election results began to point to a Republican defeat late on Nov. 3, WLFI, the token of World Liberty Financial, dropped 10%, reaching its all-time low. TRUMP and MELANIA meme coins plunged 8% and 11%, respectively, while DJTB, the tokenized version of Trump Media & Technology Group stock, lost 8% of its value.

TRUMP Underperformed Bitcoin

Since then, the tokens have recovered some of their losses, with WLFI recovering the most. However, WLFI and the other tokens failed to match bitcoin’s recovery. At the time of writing, WLFI was still down almost 5% over 24 hours, trading at $0.049, while bitcoin, after an initial post-election drop, was up more than 2% over the same period.

Meanwhile, TRUMP remained down 6% over 24 hours, trading at $1.49, and MELANIA was down almost 3% ($0.072). TRUMP’s 24-hour trading volume stood near $130 million, while MELANIA attracted only $6 million.

On the same day, WLFI investors also learned of Tron founder Justin Sun’s latest legal battle against World Liberty Financial. However, the market ignored the news.

Down More Than 98% From All-Time Highs

In any case, Trump-linked tokens had already been falling ahead of the elections amid a broader correction in the crypto asset market. WLFI is down 55% over the past year and 85% from its all-time high, while TRUMP has dropped 79% over the past 12 months and 98% from its all-time high. MELANIA fared better over the past year, falling 24%, but remains down more than 99% from its all-time high.

Risks of Investigations

The Trump family runs World Liberty Financial, a crypto company. Meanwhile, TRUMP and MELANIA are the official meme coins of the presidential couple. As reported by Bitcoin.com News, Trump disclosed at least $1.4 billion in crypto asset-related earnings for 2025.

Therefore, as Democrats prepare to take control of Congress, the likelihood of investigations into Trump’s crypto operations increases. For example, Robert Garcia (D-Calif.), the top Democrat on the House Oversight Committee, said this summer that “Trump family corruption” would be a major focus of a Democratic-led committee and cited World Liberty as a concern. Meanwhile, Bloomberg reported that Trump-linked crypto firms have already hired lawyers and lobbyists ahead of possible investigations.

In any case, while Trump himself claimed there was “nothing illegal” about his family’s crypto ventures, Democrats might also struggle to pass anti-crypto legislation because the president can still veto it.