Key takeaways
- Official TRUMP and MELANIA meme coins have seen a massive price drop over the past two days as Donald Trump was inaugurated as the 47th President of the United States.
- Bitcoin, on the other hand, is still holding around $103,000 after hitting a new all-time high on Monday.
- Notably, Trump did not mention crypto in his inauguration speech and no executive orders have been issued regarding the industry.
- The launch of the TRUMP and MELANIA meme coins was heavily criticized by some crypto market observers.
After soaring over the weekend, meme coins TRUMP and MELANIA crashed a day after President Donald Trump took office.
The official Trump token, launched on Friday, is trading about 50% below its Saturday high and the Melania token has erased about two-thirds of its gains (74%) from its Monday high.
Bitcoin (BTCUSD) hit a new all-time high above $109,000 ahead of the inauguration. It also pulled back but remained above $100,000.
No crypto focus from Trump from day one
This downward trend may be due to the absence of any mention of cryptocurrencies or a strategic Bitcoin reserve in Trump’s wave of executive orders from day one. Trump’s pro-crypto stance and the election of a crypto-friendly Congress have fueled bitcoin prices in recent months.
Despite the glaring absence of cryptocurrencies from Trump’s priority list, according to prediction market Polymarket, punters estimate that there is currently a 63% chance that a strategic Bitcoin reserve will be established in the United States This year.
Crypto Industry Wary of Meme Coin Launches
The coin’s launch ahead of the inauguration drew criticism from some in the crypto industry, who felt it was ill-timed and could harm crypto, Trump, or both.
“Creating a bunch of personal coins opens the door to secret foreign buyers trying to influence our leaders,” Castle Island Ventures partner Nic Carter said on X.
Messari co-founder Ryan Selkis said Trump was getting bad advice from those around him.
“Please fire anyone who recommended launching Melania today,” Selkis posted on X Sunday. “They don’t think about your best interests.”
