Political uncertainty from the US midterm elections is rippling through Trump-linked assets, with meme coins and shares of Trump Media under fresh pressure after Democrats captured both chambers of Congress on November 3.
The Democratic Party flipped seven Senate seats to reach 54 members, secured a large House majority, and made gains in historically Republican or swing states including Texas, Iowa, Kansas, North Carolina, Ohio and South Carolina. President Donald Trump responded on Truth Social: “I wasn’t on the ballot, and if I was, we would have won in a landslide.”
For Trump Media, the result adds political risk to an already weak story. The stock is hovering near an all-time low, with market capitalization down from more than $10 billion to about $1.65 billion. Its Truth Social platform has seen traffic fall to roughly 15 million monthly visits, while the company posted a net loss of more than $238 million in the third quarter and an adjusted EBITDA loss above $223 million.
Reports suggest Democrats may now use congressional subpoena power to examine Trump Media’s subscription package that gives traders early access to Trump’s posts. According to reports, companies such as Jump Trading and Susquehanna paid $100,000 for the package, and more than 10 clients signed up. The company’s TAE merger could also face scrutiny. On the balance-sheet side, Trump Media remains one of the largest publicly traded Bitcoin holders with 12,062 BTC, but that has not stopped the stock’s technical breakdown below $6.97 and potential decline toward $5.
In crypto markets, the official Trump token dropped about 10% to around $1.44, its lowest level since August, with its market cap falling to roughly $400 million and dropping out of the top 100 cryptocurrencies. Other Trump-adjacent tokens also fell, including MAGA and Pepe Trump, which declined 4% and 2%, respectively. First Lady Melania Trump’s token traded at about $0.07, also down 10%, with a market cap near $70 million after peaking above $8 at launch.
Leading digital assets initially slid on the election result before recovering, but Trump-themed meme coins remained in the red, showing how political narratives can still drive isolated pockets of crypto volatility.
