A short-lived Trump family token frenzy left hopeful investors with heavy losses.
The official memecoins of US President Donald Trump and First Lady Melania have fallen as much as 60% in the past 24 hours amid intense profit taking after Monday’s inauguration. Futures tracking the two tokens turned out badly for traders — with liquidation losses in almost $70 million for those betting on higher prices.
These are not thinly traded tokens where prices can easily move, either. The data shows TRUMP accumulated volumes over $19 billion in 24 hours, while MELANIA saw $4.5 billion exchange hands.
Major tokens, such as Tron’s TRX and Cardano’s ADA were under $4 billion in volumes during the same period, indicating high interest in the Trump family-themed tokens.
The total volume of buy stops is in accordance with the prices on the trading application Moonshot, which was one of the first to offer TRUMP to retail traders. A Dune dashboard done by @Seoulcalibur.eth shows that volumes have dropped from an average of over $6 million in Jan.18 to Jan.19, to just over $1 million in the past 24 hours.
Crypto markets were expecting Trump to mention the asset class in his inaugural speech — such as plans for a promised strategic bitcoin reserve — but a lack of relevant words saw BTC fall from Monday’s high above $109,000 to just over $101,000 in Asian morning hours on Monday.
Traders remain optimistic about a pro-crypto policy in the near term, however, with a focus on Solana’s SOL tokens.
“The launch of $TRUMP on SOL proves to be a significant endorsement of the chain, making it possible that the SOL ETF may gain approval earlier than expected,” said Singapore-based QCP Capital in a broadcast on Tuesday. “With increased media exposure from similar launches, retail inflows are likely to stream in.”
“Trump’s memecoin launch appeals not only to the retail memecoin moonshot mass, but also to mainstream institutions as it reinforces the president’s pro-crypto stance. Institutional investors are on the edge of their seats, waiting for concrete pro-crypto policies that can significantly influence the future of the economy,” the company added.
