The post TRUMP, MELANIA Tokens Plunge 60% as Trump Skips Crypto in Speech appeared first on Coinpedia Fintech News
The meme coins tied to President Donald Trump (TRUMP) and Melania (MELANIA), which skyrocketed in popularity and nearly doubled in value within hours, are now in freefall. However, token prices have crashed by 60% in just one day, as traders react to Trump’s omission of crypto from his much-anticipated inaugural speech.
Melania Token Price Plunge
Before the inauguration, Melania’s MELANIA token reached a market value of $2 billion hitting a high of $11.41. However, after Trump’s speech, it dropped to just $750 million, now settling at $4.91 reflecting a drop of almost 54%.
The price drop fell drastically due to President Donald Trump’s inaugural speech omitted any mention of cryptocurrencies and blockchain. In addition to it, the fall was partly due to traders cashing out on the profit after the initial price surge.
Many in the crypto community had high hopes that Trump’s inauguration speech would include mentions of cryptocurrency. Some expected him to announce a Bitcoin reserve or discuss crypto-friendly policies.
But when Trump didn’t mention digital assets at all, the market reacted with disappointment, causing both meme coins to plummet.
TRUMP Token Even Crashed
Similarly, the Trump token saw its market cap fall from $13.72 billion to $8.27 billion while its price currently trades at $40.8 reflecting a drop of 28%. Before this drop, trading activity was very high, with $26.7 billion worth of tokens exchanged in just 24 hours, showing strong interest at the start.
Following Monday’s inauguration, traders who bet big on these tokens suffered a crushing $70 million in liquidation losses as the hype came crashing down.
Even with this decline, some experts remain hopeful. They think Trump’s future policies could support cryptocurrencies and help the market recover.