What to know:
- On that fateful Monday, as the grand spectacle of President Donald Trump’s swearing-in unfolded, the crypto markets danced a wild jig, with Solana’s SOL leading the charge downwards, plummeting nearly 10% from its dizzying heights. Oh, the irony! 🎢
- In a twist of fate that could only be scripted by the universe itself, TRUMP and MELANIA, the freshly minted “official” memecoins from the First Couple, took a nosedive of 30% and 46%, respectively. Who knew that speculation could be so… speculative? 🤷♂️
- The chaos unleashed a tidal wave of liquidations, washing away over $700 million in leveraged crypto positions, as if the market had decided to play a cruel joke on its most fervent believers. The total carnage? A staggering $1.2 billion in just 24 hours! 💸
As the crypto world held its breath during Trump’s inaugural address, excitement morphed into disillusionment when he failed to utter the sacred word: crypto. The CoinDesk 20 Index took a nosedive of over 5%, while Bitcoin (BTC) wobbled from $106,000 to a mere $101,000, before finding a semblance of stability at $103,000. Solana, the star of the weekend’s Trump-themed crypto circus, led the altcoin majors into the abyss, down nearly 10% from its recent peak. Talk about a party foul! 🎉
TRUMP, the memecoin that launched just before the inauguration, crashed spectacularly by 30% during the speech. It managed to claw back some losses, but still limped away with a 20% deficit. Meanwhile, MELANIA, the token named after the First Lady, plummeted like a lead balloon, dropping as much as 46% before attempting a half-hearted recovery. What a rollercoaster! 🎢
The volatility didn’t just rattle wallets; it obliterated leveraged trading positions, liquidating over $700 million across all digital assets. Nearly $500 million of those were longs, the poor souls betting on a price rise. Ouch! 😬
When you tally the overnight selloff before the inauguration, the total liquidations soared past $1.2 billion in the last 24 hours, marking the most spectacular leverage wipeout of the year. Bravo, crypto! 👏
The anticipation for Trump’s presidency was palpable in the crypto realm, with hopes of friendlier policies towards digital assets after years of regulatory gloom. But alas, the launch of Trump-themed meme tokens just days before his inauguration ignited a speculative frenzy that left many scratching their heads in disbelief. 🤔
“It’s absolutely preposterous that he would do this,” lamented Nic Carter, a founding partner at Castle Island Ventures, to Politico. “They’re plumbing new depths of idiocy with the memecoin launch.” Well, Nic, welcome to the circus! 🎪
Congresswoman Maxine Waters, the top Democrat on the House Financial Services Committee, joined the chorus of disapproval. “This meme coin represents the worst of crypto and shows why many regulators, advocates, and policymakers have long been worried,” she declared. “These actions by President Trump will also further taint the crypto industry, which has long fought for legitimacy and a level playing field with other financial institutions.” And there you have it, folks! The drama continues! 🍿
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2025-01-20 23:10