Meme coins were some of the biggest winners after the U.S. presidential election, with some traders seeing it as a green light for a new crypto craze. Others have become worried that the latest Trump fueled meme mania was becoming too hot, however, and was likely to result not just in pain for investors but misallocation to less valuable projects in the industry.
Bitcoin losses Monday were relatively modest compared to meme coins and other smaller cryptocurrencies further out on the risk curve. It was last lower by just 3%, though it could see more pain in the short term as the trade war triggered by Trump's tariffs plays out.