A day after Donald Trump was sworn in as the 47th President of the United States, whales took major hits from the Trump-backed MELANIA and TRUMP meme coins.
Just two days before the inauguration as the 47th president of the USA, Donald Trump launched his meme base, Official TRUMP (TRUMP), on the Solana (SOL) blockchain on January 18.
On January 19, the token soared to a peak of over $75, increasing its market cap to nearly $15 billion – a whopping 840% jump from its all-time low of $6.24. However, as of this writing on January 21st, the TRUMP token has declined significantly, falling nearly 57% to $33.
In a turn of events, on-chain analyst Look On Chain identified a major transaction involving the wallet “Ansem.” The wallet, which had initially deposited 9.38 million USDC (USDC) to buy 194,799 TRUMP at an average price of $48.14, he sold his holdings at $35.04, suffering a loss of $2.55 million after receiving only 6.83 million USDC.
Yesterday, whale bought 440,136 Melania Meme (MELANIAN) tokens for 20,185 Solana, which is equivalent to $5.1 million, according to the Onchain Lens platform.
to buy for 11.60 US dollars. However, with the token's value dropping significantly, the whale's investment is now only worth $1.56 million, resulting in a float loss of $3.53 million.
Launched on January 19th, MELANIA is a meme coin linked to Melania Trump, the US First Lady. However, after a massive selloff, its value has fallen over 58% in the last 24 hours, now trading at $3.72, marking a 73% decline from its peak.
Despite the losses, some crypto traders within the community have said that they have turned into millionaires overnight from the Trump family tokens.
https://twitter.com/Mrcryptoxwhale/status/1881418267040051486
The launch of these tokens has sparked widespread criticism, with many accusing the President of a conflict of interest and using the tokens as currency. Among these, is Ki Young Ju, CEO of CryptoQuant is recommended that meme coins will remain a major trend in the crypto space through 2028, depending on the duration of Trump's presidency.
In addition, the crypto community has also noticed that the President did not reference crypto when he was sworn in yesterday, leaving both the attendees and the crypto community confused.
