Trump-Themed Memecoins Launch and Crash After Inauguration

Shortly after the U.S. inauguration in January, official memecoins branded $TRUMP and $MELANIA were launched on Solana. The tokens surged over the weekend – $TRUMP briefly topped a $10 billion market value, spiking from under $10 to around $74 – before plummeting by over 50% as early buyers took profits.

Massive trading volumes (over $19 billion in 24 hours for $TRUMP) underscored the hype, but ethics experts raised concerns about such coins being linked to a sitting president. Both tokens lost most of their value within days, illustrating the risky, pump-and-dump nature of memecoin fads.

Source: Reuters – Trump's new crypto token jumps ahead of his inauguration