A short-lived token frenzy in the Trump family has left hopeful investors with heavy losses.
US President Donald Trump and First Lady Melania’s official memecoins have fallen as much as 60% over the past 24 hours due to heavy profit taking after Monday’s inauguration. Futures tracking the two tokens have fared similarly poorly for traders — with liquidation losses of nearly $70 million for those betting on higher prices.
These are also not thinly traded tokens where prices are easy to change. Data shows that TRUMP amassed over $19 billion in volumes over a 24-hour period, while MELANIA saw $4.5 billion change hands.
Major tokens, such as Tron’s TRX and Cardano’s ADA, had under $4 billion in volumes during the same period, indicating the high interest in Trump family-themed tokens.
Total buying volumes are stalling in line with prices on trading application Moonshot, which was among the first to offer TRUMP to retailers. A Dune dashboard created by @Seoulcalibur.eth shows that volume has dropped from an average of over $6 million on Jan 18-19 to just over $1 million in the past 24 hours.
Crypto markets expected Trump to mention the asset class in his inaugural address – such as plans for a promised strategic bitcoin reserve – but the lack of relevant words sent BTC falling from a Monday high above $109,000 to just above $101,000 in Asian morning hours on Monday.
Traders remain bullish on a pro-crypto policy in the near term, however, with a focus on Solana’s SOL tokens.
“Launching $TRUMP on SOL turns out to be a significant approval of the chain, making it likely that the SOL ETF could gain approval much earlier than expected,” Singapore-based QCP Capital said in a Tuesday release. “With increased media exposure from similar launches, retail influx is likely to flow in.”
“The launch of Trump’s memecoin appeals not only to the retail memecoin moonshot masses, but also to larger institutions as it reinforces the president’s pro-crypto stance. Institutional investors are on the edge of their seats awaiting concrete pro-crypto policies that could significantly affect the future of the economy,” the firm added.
