Trump family memecoins faced the steepest declines among cryptocurrencies in the last 24 hours. Gains from the Donald Trump-fueled rally before Jan. 20 were wiped out.
TRUMP Token Plummets Post-Inauguration
The Official TRUMP token dropped 50% after no crypto-related executive orders were announced. The token peaked at $78 on Jan. 19 but fell to $37, a 30% loss within 24 hours.
Melania Trump’s memecoin, Melania Meme (MELANIA), saw a 70% drop from its peak, trading below $5.
Dogecoin Resilient Amid Market Downturn
Dogecoin bucked the trend, responding positively to its logo being featured on the U.S. Department of Government Efficiency’s website. Meanwhile, Ethereum-based memecoin Pepe (PEPE) declined by 11%.
Memecoin Market Cap and Volume Decline
The memecoin market cap hit a seven-day low of $102 billion on Jan. 21. TRUMP’s market cap dropped 65% from its $20 billion peak to $7.5 billion. MELANIA’s market cap fell to $819 million from $2.21 billion.
Daily trading volume across the sector nearly halved, highlighting intense selling pressure. TRUMP tokens saw $25 billion in trading volume, while MELANIA tokens recorded $2.4 billion. Buying volumes on the Moonshot trading app dropped sharply, with TRUMP falling below $1 million on Jan. 21.
Open Interest Declines in Memecoins
Memecoin open interest (OI) dropped sharply, led by MELANIA’s 32% decline in the last 24 hours. DOGE’s OI fell 12% to $4.66 billion, while TRUMP’s OI decreased 23% to $1.07 billion.
FARTCOIN’s OI stood at $241 million, down 22%. The reduction in OI signals bearish momentum as leverage traders close contracts.
Technical Analysis Points to Potential Recovery
TRUMP’s price could find support in the $25-$30 demand zone before a potential rebound. Technical analyst Kwantxbt highlighted a bottoming formation at $36, suggesting a possible trend reversal above $38.
This article is for informational purposes only. Readers should conduct their own research before making investment decisions.
SOURCE: Cointelegraph
