Crash of meme coins: $TRUMP and $MELANIA lost 60% of their value

According to hvylya.net: The price of the official meme coins of U.S. President Donald Trump and First Lady Melania has dropped by 60% since the inauguration on January 20. Investors expecting an increase in value have incurred losses exceeding $70 million.

According to Coindesk, investors hoped that Trump’s initial steps in politics would benefit cryptocurrencies. However, his early actions did not impact the industry, disappointing the market, reports Mezha.

Furthermore, the launch of the $TRUMP and $MELANIA tokens, associated with Trump and his wife, raised concerns among investors and representatives of the cryptocurrency sector due to potential conflicts of interest. Many of these tokens are owned by companies linked to Trump’s business.

In addition to the $TRUMP and $MELANIA tokens, significant declines have also been felt by other cryptocurrencies, including Bitcoin. It fell from a record $109,071 to $101,705.