Meme coins of the new US President Donald Trump and first lady Melania Trump have tumbled in the past 24 hours, coinciding with Trump’s return to the White House as the 47th President of the US on Monday. While Trump’s meme coin $Trump tanked nearly 50 per cent from $63 around 11 am on Monday to $33.6 currently, Melania Trump’s meme token $Melania, launched early Monday, crashed by 71 per cent from its peak of $13.6 to $3.86 at the time of writing this report, wiping off initial gains.
According to the data from Coinmarketcap.com, the market cap of $Trump nearly halved from $12.7 billion on Monday to $6.6 billion while $Melania coin’s value nosedived by around 70 per cent to $771 million. Prices for both meme coins had soared after their launch with $Trump jumping by nearly 1,000 per cent and $Melania seeing 83 per cent growth since their launch.
After initial excitement for both the coins linked to President Trump and first lady Melania Trump, the enthusiasm seems to have waned among investors, leading to the drop. Importantly, meme coins are usually sold at inflated prices initially during their initial release. As their novelty wears off, their market value often aligns with their intrinsic or collectible value, which may be lower.
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For the uninitiated, meme coins are typically inspired by internet memes, celebrities or public figures, or viral digital trends. Such coins are usually created for hype and community engagement in contrast to traditional cryptos such as Bitcoin or Ethereum which have specific use cases.
Some of the biggest examples of meme coins are Dogecoin, inspired by the Doge meme featuring a Shiba Inu dog and SHIB — a dog-themed meme coin that gained popularity after Dogecoin. The success of meme coins largely depends on social media buzz, endorsements by celebrities, and community enthusiasm.
According to the market intelligence firm Arkham, Trump held $8 million in crypto as of January 19, down from $23 million on January 18, with $3.3 million worth TROG tokens.
