Within 24 hours of US President Donald Trump’s swearing-in $TRUMP And $MELANIA Token experienced a huge decline. The prices of these tokens fell by 60%, causing huge losses to investors. This decline was mainly due to the lack of positive sign towards cryptocurrencies in Trump’s inauguration speech, due to which traders decided to sell these tokens. This incident created quite a stir in the crypto community and debate started on various aspects of it.
Heavy decline of TRUMP Token and MELANIA Token
When Trump was sworn in, his official memecoin OFFICIAL TRUMP ($TRUMP) Token had a market value of $13.72 billion and a price of $56.70. But after the swearing-in, the token’s value dropped to $8.27 billion and its price reached $31.20, 60% below its all-time high of $72. However, at the time of writing, this token saw a slight recovery and was trading around $42. Additionally, traders also suffered losses in the futures market, which saw liquidations of over $70 million.
The official meme coin of Donald Trump’s wife Melania Trump. Professional Melania Meme (MELANIA), which had made an all-time high of $13.73, reached $3.37 after Trump’s inauguration and was trading at $4.03 at the time of writing. In this way this token declined by more than 70%. This decline made these tokens look like a pump and dump scam, leaving investors duped.
Mixed reactions from the crypto industry
Billionaire Mark Cuban criticized the incident and said, “Mint, print, sell, make crazy. This is the mantra you are showing the world.” Cuban criticized the speculative nature of these tokens and said that this could harm the credibility of crypto. He also said that former SEC Chairman Gary Gensler would be laughing at this.
At the same time, famous investor Balaji Srinivasan saw it differently. He called Trump the “First Crypto President” and argued that Trump’s position could lead to early users of Bitcoin, Ethereum, and Solana. He also said that this event could be the beginning of a trend in which famous people could launch their own personal Memecoins.
Conclusion
The recent collapse of TRUMP and MELANIA Token shook the crypto community and hurt investors. This incident is an indication that investors should stay away from the speculative nature of cryptocurrencies and tokens. At the same time, it also became clear that tokens issued by any big public figure or political leader in the crypto world could carry high risks.
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