Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

United States Securities and Exchange has targeted blockchain gaming platform Immutable potentially targeting its listing and private sales of the IMX token in 2021.

According to a Nov. 1 statement from Immutable, the SEC issued an “accelerated” Wells notice following an initial interaction where the SEC informed the company that a Wells notice would be sent “within the week,” but delivered it “within hours” instead.

Immutable highlighted the vague nature of the notice, stating that it “simply cited statutory provisions” with “fewer than 20 words of material explanation” and offered little meaningful detail about the investigation’s focus. The company believes the agency’s claims could be targeting the “listing and private sales” of its native IMX token in 2021.

Shortly after issuing the notice, the SEC reportedly engaged in a phone call with the firm, raising concerns over a 2021 blog post in which Immutable detailed Huobi Ventures’ early investment in IMX at a pre-launch price of $0.10 issued at a “$10 pre-100:1 split”, stating that there had been no “exchange of value” in the deal.

Immutable disputes this claim, arguing that the investment was, in fact, legitimate and backed by “real consideration.” 

The firm added it is “confident in its position” regarding the classification of the IMX token, pushing back against what it described as the SEC “indiscriminately claiming that tokens across the industry are securities.” 

Immutable called for a “robust conversation to clarify facts” and expressed its willingness to challenge the SEC’s enforcement approach if necessary.

Reacting to the news, Immutable co-founder Robbie Ferguson reiterated the company’s position to “defend digital ownership in gaming” by joining contemporaries like Robinhood and OpenSea in defending against the SEC’s claims.

While a Wells notice does not guarantee that formal action will be taken, the development came as a blow to Immutable’s IMX token which was down more than 14% at press time.

The SEC, led by Chair Gary Gensler, has consistently gone after crypto firms for allegedly skirting securities laws. This has also sparked pushback from U.S. policymakers, who say Gensler is creating confusion in the digital asset space by introducing terms like “crypto asset security.”

Yet the regulator remains unfazed, recently issuing a Wells notice to Crypto.com. In response, Crypto.com filed a lawsuit challenging the commission.

Decentralized exchange Uniswap has launched in-app, permissionless cross-chain bridging for its users, with service available across nine blockchain networks.

On Oct. 23, the Uniswap (UNI) team announced that its permissionless cross-chain bridge was now live, bringing the DEX protocol closer to enabling cross-chain swaps. The cross-chain intents protocol, Across Protocol, powers this in-app Uniswap bridging feature, according to the announcement.

Only native assets

With the launch, Uniswap users can now undertake cross-chain transactions across nine networks. These include Ethereum (ETH), Arbitrum (ARB) Polygon (POL) and ZKSync (ZK). Other networks with initial support are Base, Zora, Blast, OP Mainnet and World Chain.

The feature only supports native assets, such as ETH on the Ethereum network or ARB on the Arbitrum network. Bridging will also be available for stablecoins. In terms of functionality, users will perform cross-chain transactions directly via their Uniswap interface and Uniswap Wallet.

According to data from Dune, multi-chain access currently has a cumulative count of over six million Uniswap users. However, cross-chain bridge swaps remain low. The Uniswap Labs team aims to significantly increase this number.

Uniswap recently unveiled UniChain, a new layer-2 chain targeting DeFi and cross-chain liquidity. Announced on Oct. 10, UniChain aims to help the crypto market address DeFi’s challenges. Key to this vision are decentralization, near-instant transactions, and multi-chain swapping.