The cryptocurrency of US President Donald Trump and First Lady Melania Trump fell 60% after the inauguration on January 20. Coindesk writes about this.
Investors hoped that Trump's first steps in the political arena would be favorable for cryptocurrencies, but his initial decrees did not touch this industry, which led to disappointment in the market.
Futures on Donald and Melania Trump coins led to liquidation losses of almost $70 million for those who bet on price increases.
The trading volume of $TRUMP for the first day exceeded $19 billion, and the trading volume of $MELANIA amounted to $4.5 billion. At the same time, over the past 24 hours, $TRUMP trading volume has fallen from an average of $6 million to just over $1 million.
Traders remain optimistic about pro-cryptocurrency policies in the near term, however, with an emphasis on Solana's SOL tokens.
In addition to the $TRUMP and $MELANIA tokens, other cryptocurrencies, including Bitcoin, have also experienced significant declines. After a record high of $109,071, it fell to $101,705.
A disclaimer was posted on the Trump coin website that read: “Trump memecoins are intended to express support for the ideals and beliefs embodied in the symbol “$TRUMP” and are not intended to be or be the subject of an investment activity, investment contract, or security of any type.”