#Trump Family Token Plunges#

The Trump family token plunge triggered a sharp market fluctuation. The cryptocurrency market experienced a massive price swing on the day of Trump's inauguration, as the excitement turned to disappointment when he didn't mention cryptocurrencies in his inaugural speech. The broad market cryptocurrency benchmark CoinDesk 20 index fell by more than 5% during the inauguration, while Bitcoin (BTC) dipped from $106,000 to $101,000 before settling around $103,000. The weekend's memecoin cryptocurrency frenzy, centered around the Trump-related tokens, saw Layer-1 network Solana (SOL) leading the decline among altcoins, losing almost 10% from its recent all-time high. Donald Trump's official memecoin TRUMP, launched on Solana on Friday, plummeted by 30% from $50 during Trump's speech. It later recovered some losses but remained down about 20% from its intraday high. MELANIA, a token named after First Lady Melania Trump, launched the day after Trump's inauguration, at one point crashed by 46% before recovering some ground. The volatility also massively spiked leveraged cryptocurrency trading positions, leading to more than $700 million in derivatives liquidations across exchanges for all digital assets as of Monday. Nearly $500 million of the liquidated positions were long bets on rising prices. Including the overnight sell-off before the inauguration, total liquidations over the past 24 hours exceeded $1.2 billion, the biggest leveraged liquidation this year. The crypto industry had high hopes for Trump's presidency, expecting more friendly policies for digital assets after years of regulatory uncertainty and crackdown. However, meme tokens launched in the days leading up to Trump's inauguration fueled a speculative frenzy on crypto trading platforms and angered several prominent figures both inside and outside the industry. Nic Carter, a founding partner of crypto investment firm Castle Island Ventures, told Politico, "It's just ridiculous. They're being so incredibly foolish, launching memecoins." Maxine Waters, the top Democrat on the House Financial Services Committee, is the latest to denounce the move. In a statement on Monday, she said: "These meme coins represent the worst of the crypto space, and demonstrate why many regulators, advocates, and policymakers have long been concerned about this space." "President Trump's actions will further taint the crypto industry, which has long been fighting for legitimacy and a level playing field with other financial institutions." (Coindesk)