The official memes of U.S. President Donald Trump and First Lady Melania fell by 60% after the inauguration on January 20. Investors who bet on the price increase suffered losses of almost $70 million, writes Coindesk.
Investors had hoped that Trump's first steps in the political arena would be favorable for cryptocurrencies, but his initial decrees did not affect the industry, which led to disappointment in the market. In addition, the launch of $TRUMP and $MELANIA tokens, which are associated with Trump and his wife, has raised concerns among investors and representatives of the cryptocurrency industry due to possible conflicts of interest, as most of these tokens are owned by companies with ties to Trump's business.
In addition to $TRUMP and $MELANIA tokens, other cryptocurrencies, including Bitcoin, have also experienced a significant drop. After hitting a record high of $109,071, it fell to $101,705.