🌎 Trump-Backed Meme Coins Plunge

Whales Suffer Massive Losses from Trump-Backed Meme Coins

Two days after the launch of Donald Trump’s meme coin, Official TRUMP, on the Solana blockchain, whales have taken massive hits from the token and another Trump-backed meme coin, MELANIA.

Official TRUMP Token Plummets in Value

Launched on January 18, the Official TRUMP token skyrocketed to a peak of over $75, swelling its market cap to nearly $15 billion, representing an eye-popping 840% jump from its all-time low of $6.24. However, as of January 21, the TRUMP token has experienced a sharp downturn, dropping almost 57% to $33.

A key transaction highlighted by on-chain analyst Look On Chain involved a wallet named “Ansem.” The wallet initially invested 9.38 million USDC to purchase 194,799 TRUMP at an average price of $48.14. It then sold its holdings at $35.04, incurring a $2.55 million loss after receiving just 6.83 million USDC.

A wallet named Ansem sold 194,799 $TRUMP ($6.83M) 2 hours ago, losing $2.55M!

MELANIA Token Sees Sharp Decline in Value

Yesterday, a whale purchased 440,136 Melania Meme tokens for 20,185 Solana, equivalent to $5.1 million, at a price of $11.60 per MELANIA. However, with the token’s value experiencing a sharp decline, the whale’s investment is now worth only $1.56 million, resulting in a floating loss of $3.53 million.

Yesterday, a whale spent 20,185 $SOL worth $5.1M to buy 440,136 $MELANIA at $11.60.

Launch of Trump Family Tokens Sparks Criticism

Launched on January 19, MELANIA is a meme coin tied to Melania Trump, the First Lady of the U.S. The token initially saw a sharp rise, reaching a high of $13.73. However, after a large-scale sell-off, its value has dropped over 58% in the past 24 hours, now trading at $3.72, marking a 73% decline from its peak.

Despite the losses, some crypto traders within the community have claimed to have turned into overnight millionaires from the Trump family tokens.

$TRUMP HAS JUST MADE ME A MILLIONAIRE

The launch of these tokens has sparked widespread criticism, with many accusing the President of a conflict of interest and using the tokens as a cash grab.

Meme coins are expected to remain a dominant trend in the crypto space through 2028, aligning with the duration of Trump’s presidency, according to Ki Young Ju, CEO of CryptoQuant.

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