4 months ago
A short-lived Trump household token frenzy has near hopeful investors with steep losses.
Official memecoins of U.S. President Donald Trump and First Lady Melania are down arsenic overmuch arsenic 60% successful the past 24 hours amid dense profit-taking aft Monday’s inauguration. Futures tracking the 2 tokens person fared likewise atrocious for traders — with liquidation losses astatine nearly $70 million for those betting connected higher prices.
These are not thinly-traded tokens wherever prices are casual to shift, either. Data shows TRUMP amassed implicit $19 cardinal successful volumes implicit a 24-hour period, portion MELANIA saw $4.5 cardinal speech hands.
Major tokens, specified arsenic Tron's TRX and Cardano’s ADA did nether $4 cardinal successful volumes successful the aforesaid period, indicative of the precocious involvement successful the Trump family-themed tokens.
Overall buying volumes are stalling successful enactment with prices connected trading exertion Moonshot, which was among the archetypal to connection TRUMP to retail traders. A Dune dashboard created by @Seoulcalibur.eth shows volumes person dropped from an mean supra $6 cardinal connected Jan.18 to Jan.19, to conscionable implicit $1 cardinal successful the past 24 hours.
Crypto markets expected Trump to notation the plus people successful his inaugural code — specified arsenic plans of a promised strategical bitcoin reserve — but the deficiency of applicable words saw BTC autumn from a Monday precocious supra $109,000 to conscionable implicit $101,000 successful Asian greeting hours Monday.
Traders stay optimistic astir a pro-crypto argumentation successful the adjacent term, however, with a absorption connected Solana’s SOL tokens.
“Launching $TRUMP connected SOL proves to beryllium a important endorsement of the chain, making it plausible that the SOL ETF could summation support overmuch earlier than expected,” Singapore-based QCP Capital said successful a Tuesday broadcast. “With accrued media vulnerability from akin launches, retail inflows volition apt travel streaming in.”
“The motorboat of Trump's memecoin appeals not lone to the retail memecoin moonshot masses, but besides to large institutions arsenic it solidifies the president's pro-crypto stance. Institutional investors are connected the borderline of their seats, awaiting factual pro-crypto policies that could importantly power the aboriginal of the economy,” the steadfast added.
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