TRUMP Token Slumps After Donald Trump’s Inauguration

The Official TRUMP (TRUMP) token slid by 50% after US President Donald Trump made no crypto-related “day one” executive orders. The token had peaked above $78 on January 19 but dropped to $37 after the inauguration, a 30% decline over the last 24 hours.

Melania Meme (MELANIA) token, launched by Melania Trump, has fallen around 70% from its peak and now trades below $5.

Broader Memecoin Market Declines

Dogecoin (DOGE) also saw a decline of around 11% in the last 24 hours. However, Dogecoin resisted the broader downtrend slightly better than others.

The TRUMP token’s market cap, which reached as high as $20 billion on January 18, now stands at $7.5 billion, a 65% drop. Similarly, MELANIA token’s market cap has fallen to $819 million from a high of $2.21 billion on January 20. This has led to a decline in the total market cap of the memecoin sector to $102 billion, its lowest level since January 15.

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The total daily trading volume across the memecoin sector nearly halved, indicating increased selling pressure. Both TRUMP and MELANIA tokens saw high trading volumes, with TRUMP at $25 billion and MELANIA at $2.4 billion, showing that profit-taking continued.

Open Interest (OI) Drops for Memecoins

The drop in TRUMP and MELANIA token prices was accompanied by a decrease in open interest (OI), with MELANIA leading the decline at 32%. DOGE’s OI also saw a drop of 12%, while TRUMP’s OI decreased by 23%. This signals a bearish momentum as more contracts are closed, anticipating the trend will continue.

Technical Analysis of TRUMP Token

Technical analysts suggest that TRUMP token’s price may drop toward the $25-$30 range before embarking on a potential new upward movement. Michael van de Poppe, founder of MN Capital, predicts a possible bottom around $36 with declining sell pressure. Kwantxbt, a technical analyst, added that a trend reversal may occur if volume confirmation above $38 is observed.

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