TRUMP and MELANIA Tokens Lose Value
The TRUMP and MELANIA memecoins, launched by Donald Trump and Melania Trump, experienced dramatic losses of 26% and 54%, respectively, over the past 24 hours. These declines followed heavy profit-taking and unmet expectations from Trump’s inauguration.Disappointment Over Lack of Pro-Crypto Announcements
Despite campaign promises to establish a Strategic Bitcoin Reserve, Trump’s inauguration speech did not address digital assets, dampening investor sentiment. The absence of immediate pro-crypto policies contributed to the sell-off.Wider Crypto Market Trends
Bitcoin’s price dropped 4.3% to $103,600, while altcoins like Solana and Cardano faced steeper declines. Over $626 million in liquidations occurred across the market, with long positions accounting for the majority of losses.Spike in Scam Tokens and Impersonator Apps
Blockchain security firm Blockaid reported a 206% increase in malicious Trump-themed tokens and a 14x rise in impersonator decentralized applications. These scams highlight the challenges of safeguarding the crypto space during periods of heightened activity.
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