MOSCOW, November 3. /TASS/. The $TRUMP memecoin declined by nearly 2% amid the ongoing US midterm elections, according to data from the Binance platform.

According to CoinMarketCap, as of 5:47 p.m. Moscow time, the memecoin was down 1.99% at $1.60.

Voting on the main day of the US congressional midterm elections began Tuesday morning in several East Coast states. According to local election commissions, polling stations opened at 2:00 p.m. Moscow time in New York, New Jersey, Connecticut, and Virginia.

On January 18, Trump announced the launch of his $TRUMP cryptocurrency. Within 24 hours, trading volume in the memecoin exceeded $11 bln.

Memecoins are cryptocurrencies created as social experiments. Their prices depend on the popularity of the phenomenon on which they are based. For example, PolitiFi memecoins - a term combining the words "politics" and "finance" - are created to support particular political figures. The price of such a memecoin depends on the level of support for the politician. Cryptocurrencies of this type have no intrinsic value or practical applications and serve as speculative financial instruments.