Following the November 2026 midterm results that gave Democrats control of the U.S. Senate and House, a cluster of tokens tied to former President Donald Trump experienced sharp price declines, according to Bitcoin.com News. The TRUMP and MELANIA meme coins dropped 8% and 11% respectively, while WLFI – the token of World Liberty Financial, the family‑run crypto firm – fell as much as 10% before partially recovering. By the end of the 24‑hour window, WLFI remained down nearly 5%, TRUMP was off 6%, and MELANIA slipped almost 3%, contrasting with Bitcoin’s 2% gain in the same period.

Magnitude of the sell‑off

The decline was most pronounced for WLFI, which hit an all‑time low of $0.049 after the election news. TRUMP and MELANIA, both launched as official meme coins for the former president and his wife, traded at $1.49 and $0.072 respectively, still far below their peak levels – down 98% and more than 99% from all‑time highs. Trading volume also diverged sharply: TRUMP saw roughly $130 million in 24‑hour volume, whereas MELANIA attracted only about $6 million.

Political backdrop and potential investigations

Democratic leaders have signaled interest in scrutinising the Trump family’s crypto activities. House Oversight Committee ranking member Robert Garcia (D‑Calif.) warned that “Trump family corruption” would be a focus for the newly empowered committee, specifically citing World Liberty Financial. Bloomberg reported that Trump‑linked crypto firms have already retained legal counsel and lobbyists in anticipation of possible inquiries. While Democrats may face hurdles passing broad anti‑crypto legislation due to a presidential veto, the shift in congressional power could still lead to targeted investigations.

Market context and outlook

The token slump unfolded amid a broader correction in the cryptocurrency market that began before the election. WLFI is down 55% year‑to‑date and 85% from its peak, while TRUMP has fallen 79% over the past 12 months. Despite the sell‑off, Bitcoin’s modest rebound suggests that broader market sentiment remains more resilient than the politically linked meme coins. Analysts will watch for any formal inquiries or regulatory actions that could further impact the valuation of Trump‑related assets.

What to watch next

Key signals to monitor include any formal subpoenas or hearings announced by the House Oversight Committee, statements from the Senate Banking Committee regarding crypto oversight, and the response of World Liberty Financial’s legal team. Additionally, price movements of TRUMP, MELANIA, and WLFI in the days following the congressional transition will indicate whether the market views the political risk as temporary or a longer‑term headwind.