A day after Donald Trump was sworn in as the 47th President of the United States, whales took a massive hit from the Trump-backed MELANIA and TRUMP meme coins.
Just two days before his inauguration as the 47th President of the United States, Donald Trump launched his meme coin, Official TRUMP (TRUMP), on the Solana (SOL) blockchain on January 18.
On January 19, the token skyrocketed to a high of over $75, increasing its market capitalization to nearly $15 billion, a stunning 840% jump from its all-time low of 6.24 dollars. However, as of this writing on January 21, the TRUMP token has seen a sharp slowdown, falling almost 57% to $33.
In a turn of events, on-chain analyst Look On Chain has highlighted a key transaction involving the “Ansem” wallet. The portfolio, which initially invested 9.38 million USDC (USDC) to purchase 194,799 TRUMP at an average price of $48.14, sold its holdings at $35.04, suffering a loss of $2.55 million after received only 6.83 million USDC.
Yesterday, a whale purchased 440,136 Melania Meme (MELANIA) tokens for 20,185 Solana, which is equivalent to $5.1 million, according to on-chain platform Onchain Lens.
The purchase was made for $11.60 by MELANIA. However, with the token’s value seeing a sharp decline, the whale’s investment is now worth only $1.56 million, resulting in a floating loss of $3.53 million.
Launched on January 19, MELANIA is a meme coin related to Melania Trump, the First Lady of the United States. The token initially saw a strong rise, reaching a high of $13.73. However, after a large-scale sell-off, its value fell by more than 58% in the last 24 hours, now trading at $3.72, a 73% drop from its peak.
Despite the losses, some crypto traders within the community claimed to have become overnight millionaires thanks to the Trump family’s tokens.
$TRUMP HAS JUST MADE ME A MILLIONAIRE
I will give one person 1,000 $TRUMP who follows, likes, and replies 🎁 ($5,000) pic.twitter.com/Xs6doseg9y
— Mr. Crypto Whale 🐋 (@Mrcryptoxwhale) January 20, 2025
The launch of these tokens has attracted widespread criticism, with many accusing the president of a conflict of interest and using the tokens as a money grab. Amidst this, Ki Young Ju, CEO of CryptoQuant, suggested that meme coins will remain a dominant trend in the crypto space until 2028, which is the duration of Trump’s presidency.
Additionally, the crypto community also took note that the president did not mention crypto when he was sworn in yesterday, leaving attendees and the crypto community in confusion.
