The official tokens of US President Donald Trump and First Lady Melania Trump fell 60% in price in 24 hours after active profit-taking. Futures on these coins turned out to be unsuccessful for traders — losses for those who bet on price increases amounted to about $70 million.
The official tokens of US President Donald Trump and First Lady Melania Trump fell 60% in price in 24 hours after active profit-taking. Futures on these coins turned out to be unsuccessful for traders — losses for those who bet on price increases amounted to about $70 million.
However, traders remain optimistic about pro-cryptocurrency policies in the near term and are betting on Solana tokens, CoinDesk reports.
It is noted that in 24 hours, the trading volume of TRUMP exceeded $19 billion, while the trading volume of MELANIA was $4.5 billion. Major tokens such as Tron’s TRX and Cardano’s ADA have traded less than $4 billion during the same period, indicating high interest in tokens themed around the Trump family. At the same time, the trading volume of TRUMP has fallen from an average of $6 million from January 18-19 to just over $1 million in the past 24 hours.
Melania Trump, the new First Lady of the United States, launched her own MELANIA memecoin on January 20th, shortly after her husband’s memecoin was launched. Her new coin briefly caused the TRUMP token to plummet.
The crypto community was hoping that Trump would mention cryptocurrencies in his inaugural address. A few hours before the inauguration, these expectations, in particular, raised the Bitcoin rate to a new record of over $109,000 for 1 BTC coin. However, after the US President did not touch on the topic of cryptocurrencies, Bitcoin fell to $101,000. However, crypto traders remain optimistic.
«The launch of $TRUMP on SOL appears to be a significant on-chain support, making it likely that the SOL ETF could gain approval much sooner than expected. With increased media attention to such launches, the influx of retail trading is likely to continue,» said Singapore-based QCP Capital.
They noted that the launch of TRUMP «attracts not only retail users of memecoins, but also large institutions,» and strengthens the president’s pro-cryptocurrency position.
It was previously reported that Donald Trump’s «America First» strategy could affect the pool of cryptocurrencies that will be included in the US strategic reserve. According to anonymous sources, priority will be given not to Bitcoin or Ethereum, but to coins that are based in the US.
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