Key Points:
- Melania meme coin has dropped nearly 90% from its peak despite initial hype.
- While some saw Trump’s involvement as support for crypto, others worried it could harm the industry’s credibility.
Cryptocurrency investors are facing sharp losses as meme coins associated with the U.S. First Family struggle to maintain value.
Read more: Melania Meme Coin Surges Over 20,000% After Launch
Melania Meme Coin Faces Sharp Declines
The Melania meme coin, MELANIA, has plunged nearly 90% since Donald Trump’s inauguration, while TRUMP, a token tied to the former president, has dropped about 75% from its peak, according to CoinMarketCap data.
The introduction of these tokens sparked debate within the crypto community. Some saw it as a sign of Trump’s support for the industry, while others feared it could damage cryptocurrency’s credibility at a time when the sector is striving for legitimacy.
Trump announced his token, TRUMP, on Jan. 17 via TruthSocial, propelling its price to over $70. However, its momentum slowed after Melania Trump launched MELANIA just two days later. Both tokens were issued on the Solana blockchain.
Volatility in Meme Coins Highlights Market Risks
At its height, Melania meme coin reached a market capitalization of $2.1 billion, with its price peaking at $13.73. However, it has since fallen significantly, now trading around $1.50.
While such volatility is common among meme coins, Trump’s involvement in the crypto space has broader market implications, said Joe McCann, founder and CEO of Asymmetric.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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