TRUMP, MELANIA Tokens Plunge 50% After Inauguration Fails to Boost Bitcoin
In a surprising turn of events, the official memecoins of U.S. President Donald Trump and First Lady Melania have taken a nosedive, plummeting by as much as 60% in the past 24 hours. This sharp decline follows Monday’s inauguration, leaving hopeful investors with steep losses.
Data reveals that TRUMP, the token representing Donald Trump, amassed over $19 billion in trading volumes within a 24-hour period, while MELANIA, the token tied to Melania Trump, saw $4.5 billion exchanged hands. These staggering figures indicate a significant interest in the Trump family-themed tokens, with trading volumes surpassing those of major tokens like Tron’s TRX and Cardano’s ADA.
Despite the initial hype surrounding the launch of these tokens, the reality is far from what traders had hoped for. Futures tracking TRUMP and MELANIA have also taken a hit, resulting in liquidation losses of nearly $70 million for those who bet on higher prices.
Traders Remain Optimistic Amid Uncertainty
While the current situation may seem bleak for investors, traders are holding onto hope for a pro-crypto policy in the near future. Many are focusing on Solana’s SOL tokens as a potential area for growth and investment.
The lackluster performance of TRUMP and MELANIA tokens has not deterred traders from believing in the overall potential of the cryptocurrency market. Despite Bitcoin’s fall from a high above $109,000 to just over $101,000 following the inauguration, there is still optimism in the air.
Expert Insights
According to Singapore-based QCP Capital, the launch of TRUMP on the Solana blockchain could pave the way for further advancements in the crypto space. The endorsement of Solana by hosting the TRUMP token may expedite the approval of a SOL ETF, attracting more retail investors to the platform.
Institutional investors are closely monitoring the situation, eagerly awaiting concrete pro-crypto policies that could shape the future of the economy. The launch of Trump’s memecoin not only appeals to retail investors but also signals to major institutions the president’s stance on cryptocurrency.
Conclusion
In conclusion, the sudden drop in TRUMP and MELANIA tokens following Trump’s inauguration has caught many by surprise. Despite the initial excitement surrounding these memecoins, the reality of heavy losses has set in for traders. However, the overall sentiment in the crypto market remains hopeful, with traders looking towards Solana and other potential opportunities for growth.
As we navigate through these uncertain times in the cryptocurrency space, one thing is clear – the market is as volatile as ever, and investors must tread carefully to avoid significant losses. Stay tuned for more updates on this developing story.