Recent market fluctuations saw Trump and Melania memecoins plummet, inflicting heavy financial losses on holders. The dramatic downturn followed Donald Trump’s presidential address, where he notably omitted any mention of cryptocurrency, resulting in steep declines for these altcoins.
What Caused the Major Value Drop?
Both TRUMP and Melania coins suffered losses of up to 60% in just 24 hours, leaving many investors in a precarious position. Despite a trading volume for TRUMP coin exceeding $19 billion and Melania coin reaching $4.5 billion, the price drops were significant and unavoidable.
Will Investors Regain Their Losses?
The trading volumes of TRUMP and Melania coins outpaced those of notable cryptocurrencies like TRX and ADA, yet excessive profit-taking and declining interest led to their downturn. Data indicates that TRUMP coin’s trading volume dropped from an average of $6 million to just $1 million in one day.
Market participants had hoped for a pivotal announcement on cryptocurrencies during Trump’s speech. However, the absence of such news caused Bitcoin‘s value to dip from $109,000 to $101,000. Nevertheless, there remains optimism about the potential for favorable crypto policies from the Trump administration.
– TRUMP and Melania coins saw a 60% value decrease.
– TRUMP coin’s trading volume fell from $6 million to $1 million.
– Hopes linger for future supportive policies from the Trump administration.
Despite recent setbacks, the landscape is evolving, with many awaiting further developments in the cryptocurrency realm, particularly those stemming from Trump’s possible influence on market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/trumps-speech-triggers-hasty-memecoin-decline