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Just days after the launch of Donald Trump’s meme coins, Official TRUMP and Melania Meme, the cryptocurrency market has witnessed wild price swings, leaving some investors with substantial losses. The tokens, launched on the Solana blockchain, have become a focal point of both enthusiasm and criticism in the crypto community.
Official TRUMP was launched on January 18, coinciding with Trump’s inauguration as the 47th president of the United States. The token soared in its initial hours, peaking at over $75 on January 19 and achieving a staggering market cap of nearly $15 billion—an 840% increase from its all-time low of $6.24.
However, the token’s meteoric rise was short-lived. By January 21, the price of TRUMP had plummeted nearly 57%, trading at just $33. This sharp downturn wiped out millions in market value, leaving investors scrambling.
Among those hit hard by TRUMP’s crash was a prominent wallet named "Ansem." According to on-chain analyst Look On Chain, Ansem invested 9.38 million USDC to acquire 194,799 TRUMP tokens at an average price of $48.14. However, the wallet sold its holdings at $35.04, realizing a loss of $2.55 million after receiving just 6.83 million USDC.
A wallet named Ansem(@blknoiz06) sold 194,799 $TRUMP($6.83M) 2 hours ago, losing $2.55M!#Ansem spent 9.38M $USDC to buy 194,799 $TRUMP at $48.14, then sold it at $35.04 for 6.83M $USDC.https://t.co/5oPZOanVCR pic.twitter.com/k0neD0wxcU
— Lookonchain (@lookonchain) January 21, 2025
Similarly, another whale took a significant hit after purchasing 440,136 Melania Meme tokens for 20,185 Solana (approximately $5.1 million). The investment was made at $11.60 per token. However, following a sharp decline in the token’s value, the investment is now worth only $1.56 million, resulting in a floating loss of $3.53 million.
Launched on January 19, the Melania Meme token initially saw strong performance, reaching a high of $13.73. However, a large-scale sell-off sent its value tumbling. By January 21, the token was trading at $3.72—a 73% decline from its peak and a 58% drop in the past 24 hours.
Yesterday, a whale spent 20,185 $SOL worth $5.1M to buy 440,136 $MELANIA at $11.60.
— Onchain Lens (@OnchainLens) January 21, 2025
Currently, these $MELANIA are worth $1.56M with $MELANIA down ~75%, the whale is facing a floating loss of $3.53M.
Address: 9WgB46v1hMbT51ZMut68RfMfLq3VnbHJhk9ngy57Zo5Z pic.twitter.com/5o06e5fgqk
Despite the losses incurred by some whales, a segment of the crypto community has reported turning into overnight millionaires by capitalizing on the tokens' volatile price action. The launch of these meme coins has sparked widespread debate, with critics accusing Trump of exploiting his political position for financial gain. The absence of any mention of cryptocurrency in Trump’s inaugural address has further fueled skepticism, leaving many questioning the broader purpose of these tokens.
Ki Young Ju, CEO of CryptoQuant, weighed in on the situation, predicting that meme coins will remain a dominant trend in the crypto market through 2028—aligning with Trump’s presidential term. He suggested that despite their volatility, meme coins continue to captivate traders due to their speculative nature and potential for rapid gains.
The Trump family tokens have become a polarizing topic in the crypto world. While some see them as an opportunity to ride a speculative wave, others view them as a cash grab, raising ethical questions about conflicts of interest. As the tokens continue to fluctuate, their long-term viability remains uncertain, but their immediate impact on the market and investor sentiment is undeniable.
For now, the spotlight remains on the Trump family’s meme coins, with traders closely watching whether these tokens can recover or if they’ll become cautionary tales in the volatile world of cryptocurrency.
editor
Brenda has been a news writer since 2019 with a deep background in crypto. Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction.
