Tokens tied to President Donald Trump and his family fell sharply on Wednesday after Democrats won control of Congress. According to CoinGecko data, TRUMP dropped as much as 20% to $1.25, leaving it about 98% below its 2025 peak. MELANIA fell 14% and WLFI slipped 4%. Trump Media stock also hit new lows.

How far the tokens fell

CoinGecko data show TRUMP set a new all-time low of $1.22. MELANIA traded near $0.065, about 99.5% below its peak. WLFI, the token of World Liberty Financial, changed hands near $0.048, roughly 86% below its record. It briefly hit an all-time low after a 10% drop earlier in the session. The combined market value of politically themed memecoins fell about 16% in a day, to roughly $480 million.

The slide ran against the rest of the market. Bitcoin rose more than 4% to about $80,500 on the same day. The Trump tokens had already been losing ground before the vote. Trump Media shares fell 24.5% to a record low.

What Democrats plan to examine

Democrats announced probes into the Trump family's crypto ventures that are set to begin in January, when the new Congress takes office.

Reps. Jamie Raskin and Robert Garcia and Sen. Elizabeth Warren have said they intend to look into World Liberty's UAE stake, the USD1-settled Binance deal and the pardon of Binance founder Changpeng Zhao. In January 2025, an Abu Dhabi-backed investment vehicle agreed to buy a 49% stake in World Liberty for $500 million. MGX, an Abu Dhabi investment firm, said in 2025 that it would put $2 billion into Binance using the USD1 stablecoin. Trump pardoned Zhao in October 2025.

Subpoenas become possible once Democrats chair committees. They expect the White House to claim executive privilege, as it did in Trump's first term, so their plan is to subpoena private companies instead. Trump has said there is "nothing illegal" about his family's crypto ventures. He can also veto any bill Democrats pass, which limits how far new legislation could go.

The UAE question is already in court. On Nov. 3, Tron founder Justin Sun asked a federal judge to sanction World Liberty, accusing it of a misleading disclosure about its UAE ownership. A hearing is set for Dec. 10.

A large bitcoin transfer

Blockchain data show about 4,259 bitcoin moved from Trump Media-linked addresses to Crypto.com within hours of the probe announcements.

Arkham data show the coins left in two batches of 2,140 BTC and 2,119 BTC at 02:17 UTC on Thursday. They were worth roughly $342 million to $344 million. The on-chain tracker Lookonchain flagged the move.

The wallets were labeled as collateral for the company's convertible notes. Trump Media's second-quarter filing said 4,260.73 BTC was pledged as collateral as of June 30, and that withdrawals of those coins were restricted under the loan terms. The transfer equals about 30% of the roughly 14,139 BTC the company said it held on July 31, including pledged coins. Wallet data show about 9,540 BTC has moved to Crypto.com this year.

The transfer does not show that bitcoin was sold. Trump Media has described similar moves to Crypto.com as custody management, and the exchange is one of its custody partners. On-chain data later showed the coins moving into a Crypto.com-labeled cold wallet, which makes an immediate sale less likely, though not impossible.

The Nov. 30 repayment date

Some market watchers linked the timing to a Nov. 30 repayment deadline or to the incoming scrutiny. A Trump Media filing dated Nov. 2 says holders of its convertible notes can require the company to repurchase them for cash on Nov. 30, even though the notes mature in 2028. The notes total about $1 billion, and the company reported roughly $425 million in cash and short-term investments at June 30. The filing does not say how many holders will exercise that right.

Nothing public ties the transfer to either explanation. The company has not said why it moved the coins, and the next quarterly filing may show whether any were sold.

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