Meme coins, found within the realm of cryptocurrencies, have an allure due to their potential for rapid price surges – sometimes even within a matter of days or hours. Yet, it’s crucial to note that the majority of these coins tend to experience steep declines, which may result in substantial loss and disillusionment.
The risks become more pronounced when we consider meme coins that have been introduced by the President-elect of the United States and his wife, both past and future First Ladies.
The Trump Meme Coin Saga
Over the weekend just prior to President Trump’s inauguration, there was an anticipation for tranquility, a prelude to what was expected to be a tumultuous period ahead. However, that serene forecast was dramatically upended by the Friday evening debut of Official Trump – a meme coin endorsed and backed by none other than Donald J. Trump himself.
Due to his significant size and impending position, the digital asset captivated everyone’s attention and skyrocketed in worth. At one time, it almost broke into the top 10 most valuable cryptocurrencies by market capitalization as its own value reached close to $15 billion. Indeed, that much value was accumulated within a matter of days.
Initially, it outperformed well-known memes such as PEPE and SHIB, with the latter later regaining its position as the second most prominent one. However, at this point, the gap between them isn’t significant.
The price of TRUMP‘s token reached approximately $75, as reported by CMC and CG, before the new president’s team caused another market stir on Sunday night by launching a meme coin related to Melania. This event had several significant consequences: the newer family token associated with Trump soared, reaching a high of $13 (according to CMC), while its earlier counterpart experienced a dramatic drop, plunging by 50% at one point and erasing billions from its total market value.
Initially, it peaked at $75, but then dropped dramatically to $38 within a few hours. However, it has since managed to climb back up and is currently hovering around $60.
Liquidations on the Rise
The plunge in TRUMP’s pricing also impacted the broader market. Bitcoin, which had reached a monthly high of more than $106,000, dropped to below $100,000 within an hour or so, and most other cryptocurrencies experienced significant price decreases as well.
Although these digital assets (SOL, DOGE, ADA, AVAX, SUI, and XLM) have rebounded somewhat from their previous night’s lows, they still experienced a significant drop of approximately 6-8%. The declines for PEPE, VET, APT, and other similar coins are even more pronounced.
As a crypto investor, I found myself swept up in a chain reaction of liquidations throughout the market. Yesterday alone, the combined worth of these devastating trades amounted to approximately $1.2 billion. Over 400,000 fellow traders, just like me, were impacted by this wave of liquidations.
Despite Bitcoin taking the largest hit, Trump’s token was not far behind with a total of $140 million in liquidations, even surpassing more recognized cryptocurrencies such as Solana (SOL), Dogecoin (DOGE), and Ripple (XRP).
Is it beneficial or detrimental for cryptocurrency that the prospective first family has launched not just one, but two meme-based coins, sparking ongoing debate about this intriguing issue?
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2025-01-20 09:30