Key Highlights:
- The official memecoins representing Donald Trump and Melania have seen declines of up to 60% in value.
- These tokens are not thinly traded; they show higher trading volumes than many major cryptocurrencies.
- Despite the drop, traders are still hopeful for a favorable crypto policy in the near future, particularly regarding Solana’s SOL tokens.
A brief surge in interest in Trump family tokens has resulted in considerable losses for investors.
Official tokens for U.S. President Donald Trump and First Lady Melania have been reduced by nearly 60% within the last day, following a surge in taking profits post-inauguration. Futures connected to these tokens have also suffered significant losses, amounting to nearly $70 million for those betting on price increases.
Data indicates that TRUMP recorded over $19 billion in trading volumes within a 24-hour span, while MELANIA experienced $4.5 billion in transactions. Other major tokens, including TRON’s TRX and Cardano’s ADA, saw volumes below $4 billion in the same period, showcasing the heightened interest surrounding the Trump-themed tokens.
Overall trading volumes are declining. Notably, data from the trading application Moonshot shows that volumes for TRUMP dropped from more than $6 million on January 18 to just over $1 million in the past 24 hours.
Crypto market participants had anticipated mention of the cryptocurrency sector during the inaugural address, which may have included details about a proposed strategic Bitcoin reserve. However, the absence of such comments caused a drop in Bitcoin’s price, from a high above $109,000 to around $101,000 during early Asian trading hours.
Traders remain optimistic about a supportive cryptocurrency policy ahead, especially with attention on Solana’s SOL tokens.
Quote: “Launching $TRUMP on SOL proves to be a significant endorsement of the chain, making it plausible that the SOL ETF could gain approval much earlier than expected.” - QCP Capital.
This launch is expected to attract not just casual investors interested in memecoins but also significant interest from institutions, as it emphasizes a pro-crypto position from President Trump, which many institutional investors are eagerly awaiting.
