Ah, the illustrious Trump family, once the darlings of the memecoin realm, now find themselves in a most unfortunate predicament! In the span of a mere 24 hours, their beloved cryptocurrencies have plummeted faster than a cat chasing a laser pointer, erasing a significant portion of the gains amassed during the grand spectacle of Donald Trump’s inauguration on that fateful day of January 20.
Oh, the $TRUMP Tragedy! 🎭
Behold the Official TRUMP memecoin, once a shining beacon of hope, now sliding down the slippery slope of despair by a staggering 50%! This unfortunate descent followed the President’s conspicuous absence of any crypto-related executive orders on his “day one.” One can only imagine the collective gasp of memecoin enthusiasts as the token, which had soared to a dizzying height of $78 on January 19, now languishes at a mere $37, a 30% drop in just 24 hours. Such is the fickle nature of fortune!
And what of the First Lady, Melania Trump? Her freshly minted memecoin, Melania Meme (MELANIA), has taken a nosedive of approximately 70%, trading below the paltry sum of $5. One might say it has become a mere whisper in the cacophony of the crypto market.
Meanwhile, the Ethereum-based Pepe (PEPE) has also joined the ranks of the beleaguered, suffering an 11% decline over the past 24 hours. Truly, it is a dark day for memecoins!
Market Cap Mayhem! 📉
The catastrophic decline in the prices of TRUMP and MELANIA tokens has not only left their owners in a state of shock but has also led to a steep drop in their market capitalization. Once basking in the glory of a $20 billion market cap, TRUMP now finds itself at a mere $7.5 billion, a staggering 65% drop from its January 18 peak. How the mighty have fallen!
As for MELANIA, her market cap has shrunk to a meager $819 million, down from a lofty $2.21 billion on January 20. The total market capitalization of the memecoin sector has shriveled to a seven-day low of $102 billion as of January 21, a level not seen since January 15. The memecoin market is down 12% in just 24 hours. What a spectacle!
The daily trading volume across the memecoin sector has nearly halved, a clear indication of the selling frenzy that has gripped the market. TRUMP and MELANIA tokens, once the darlings of traders, now find themselves heavily traded with volumes of $25 billion and $2.4 billion, respectively. Profit-booking, it seems, is the order of the day!
Additional data reveals that buying volumes for these tokens are stalling, much like a car with a flat tire. For instance, TRUMP buying volumes on the Moonshot trading app have plummeted from an average of over $6 million on January 18 to below $1 million on January 21. A tragic decline indeed!
Open Interest in Freefall! 🚀
The decline in memecoins on January 21 was preceded by a notable decrease in open interest (OI), with MELANIA leading the charge with a 32% decline in OI over the last 24 hours. Open interest, dear reader, refers to the total amount of pending derivative contracts that have yet to be settled. In this grand game of futures, for every seller, a buyer must be found!
DOGE, that cheeky little rascal, saw its OI drop by over 12% to $4.66 billion, nearly four times TRUMP’s $1.07 billion in OI, which had decreased by 23% over the same period. FARTCOIN, yes, you read that right, stood
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2025-01-21 15:55