This week, $TRUMP really got hit hard😮‍💨

As Republicans lost control of both chambers of Congress in the U.S. midterm elections, TRUMP also faced a wave of heavy selling, sliding from around $1.71 at the start of the week to $1.18, down more than 30% for the week!

It briefly hit around $1.11, setting a new all-time low

This actually fits TRUMP’s asset profile pretty well:

Its price depends largely on Trump’s political influence, the level of market attention, and speculative investors’ willingness to participate

The midterm election results mean policy efforts could face more resistance over the next two years, which is clearly not good news for a token that relies on a political narrative

More awkwardly, TRUMP has fallen more than 98% from its all-time high……

I still don’t like its short-term outlook: interest in the political narrative is fading, and market liquidity is tight. Simply buying the dip because it has fallen so much really isn’t appealing