Trump Meme Coin Crash: TRUMP and Melania Plummet to the Bottom, Then What?
2025-01-22
Bittime - At the time of Donald Trump's inauguration as US president, two meme coins launched by the Trump family experienced a significant drop in value.
Falling Prices of Trump and Melania Coins
The $Melania coin, launched by Melania Trump, saw its market cap drop from $2 billion to $790 million on January 21. Meanwhile, the $Trump coin also experienced a decline, with its market cap shrinking to under $7 billion.
The Drastic Drop of Meme Coins
Both meme coins, $TRUMP and $MELANIA, experienced sharp declines after peaking the day before, when Melania Trump announced the launch of the $Melania coin.
Data from Coinmarketcap shows that at 8.15 am IST (9.45 WIB) on January 21, the value of these coins had fallen into the red zone.
Bitcoin and Cryptocurrency Market
Meanwhile, the price of Bitcoin on the same day was recorded at $102,701, although it was still below its record high of around $109,000. The global cryptocurrency market capitalization reached $3.53 trillion, with Bitcoin accounting for 57.69% of the total market.
Industry observers hope that Trump will fulfill a campaign promise to become a “crypto president,” which could create a federal Bitcoin pile and make policy adjustments in favor of digital assets.
Read too MELANIA Coin and TRUMP Coin: What is Meme Coin Really?
Coin Ownership and Release
About 80% of Trump coins are owned by CIC Digital and Fight, Fight, Fight, which are affiliated with Donald Trump. $TRUMP coin was trading at $36.22, while $Melania coin was at $4.22 at 9.20 am IST time (10.50 WIB).
Read too MELANIA Coin vs TRUMP Coin: Which is Better?
Trump and Melania's Memecoin Controversy: Taking Legal Action?
A cryptocurrency lawyer, Preston Byrne, predicts a 90% chance of a civil lawsuit against the coin within the next 14 days. He called the launch of the meme coin an "unnecessary big mistake" from a political perspective.
Read too TRUMP Coin Price is Freefalling, This is the Cause and Current Condition
Conclusion
With the sharp decline in the value of $TRUMP and $MELANIA coins, many are wondering about the future of these coins. Although the launch of this meme coin attracted attention, the high volatility shows the risks inherent in cryptocurrency investments. The crypto community is now waiting for the Trump family's next move and its impact on the market.
FAQ
1. What caused the decline in the value of $TRUMP and $MELANIA coins?
The decline in value of the $TRUMP and $MELANIA coins was due to the high volatility common to meme coins, as well as the market reaction following Melania Trump's launch of the $Melania coin, which resulted in a significant decrease in market capitalization.
2. How did Bitcoin perform at the launch of this meme coin?
At the time of the meme coin's launch, Bitcoin's price was recorded at $102,701, although it was still below its record high of around $109,000. The global cryptocurrency market capitalization also showed growth, despite the decline in meme coins.
3. What can we expect from this meme coin in the future?
Although $TRUMP and $MELANIA coins attract attention, their high volatility indicates a large investment risk. Many investors are now waiting for the Trump family's next move and its impact on the cryptocurrency market as a whole.
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Reference
Jocelyn Fernandes, Trump meme coin crash: Melania down from $2 billion to $790 million market cap, Trump halves gain to below $7 billion, Accessed January 21, 2025
Siladitya Ray, Trump And Melania Meme Coins Down 50% Since Weekend Peak, Accessed January 21, 2025
Author: IN
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