Trump Tokens Slump to Record Lows as Democrats Win Midterms

After the Democratic Party secured Congress in the midterms, the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens slumped to all-time lows. Wednesday also saw Trump Media & Technology Group (DJT) shares close at a record low.

The wider digital asset market went in the opposite direction. Bitcoin (BTC) climbed 4.36% and Ethereum (ETH) increased by 6.50% over the prior day, according to BeInCrypto Markets data.

Crypto Rally Day Brings Record Lows for Trump Tokens

The TRUMP meme coin fell 18.10% in a 24-hour span to $1.25. A record low of $1.22 was hit on November 4. It is currently trading 98.3% under its January 2025 high of $73.43.

MELANIA shed 13.15% in the same timeframe, reaching $0.06488 after it fell to an all-time low of $0.06378. The token is down 99.5% from its $13.05 peak.

Shares of DJT dropped 24.54% on Wednesday, settling at $4.49 on the Nasdaq from $5.95 the day prior. That closing price was a record low for Trump Media stock.

Shares of $DJT plunged 25% today, closing at an all-time low $4.49, down 95% from its 2022 high. Investor are likely afraid Congress will put a stop to Trump's using this company to sell market-moving insider information so high-frequency traders can front run retail investors.

— Peter Schiff (@PeterSchiff) November 4, 2026

The sole exception was World Liberty Financial (WLFI), the token associated with the Trump-linked DeFi project. It gained 3.22%, reaching $0.04758, despite hitting a bottom of $0.04575 on November 4.

Democrats Move From Letters to Subpoenas in January

The slump in Trump-linked meme coins coincided with the Democratic Party's preparations to assume control of key congressional oversight committees.

Representative Robert Garcia, the incoming chair of the House Oversight Committee, acknowledged the election outcome with a brief message on X.

LAWYER UP.

— Congressman Robert Garcia (@RepRobertGarcia) November 4, 2026

According to Fortune, Garcia informed Punchbowl News that the committee will investigate the family's crypto ventures. The publication predicts World Liberty will be the primary target. A $500 million stake purchased by an Emirati royal last year has been a focus for Democrats.

Up to this point, Democratic efforts were limited to requests. In June, Senator Elizabeth Warren and four other Democratic senators called for hearings regarding the Emirati stake.

Furthermore, in July, Warren and Adam Schiff pushed the Securities and Exchange Commission to investigate Trump Media's Truth API, a service that provides trading firms with early access to the president's social media posts. Starting January, subpoenas from the committees will be able to demand documents and testimony without needing the president's approval.

Ahead of the election, White House spokesperson Lauren Bis rejected the Democrats' plans, calling them part of a decade-long campaign against Trump. Trump has also warned he would veto any bill that passes, which would take a two-thirds majority in both chambers to override.

TRUMP token holders are looking ahead to November 22. On that day, the top 185 holders are scheduled to attend a gala dinner alongside Trump.