The official meme coins of President Donald Trump and First Lady Melania Trump tanked on Monday amid no mention of cryptocurrencies in the inaugural presidential address.
What happened: The Official Trump (TRUMP) token sank over 30%, eroding nearly $6 billion worth of investors' wealth in the last 24 hours, according to CoinMarketCap. The coin's trading volume fell 33% in the 24 hours.
The Official Melania (MELANIA) coin witnessed a steeper fall, plummeting over 54% in the last 24 hours. The token has crashed over 72% since its all-time high of $13.64 recorded a day earlier.
The two Solana (CRYPTO: SOL)–based meme coins created a flutter over the weekend, running up to valuations that established firms took years to build.
At one point, the combined fully diluted valuation of the two cryptocurrencies, at about $58.34 billion, exceeded that of Occidental Petroleum.
However, due to the slump, the combined valuation, at nearly $36.98 billion, dipped below the oil producer, reaffirming the unpredictable nature of meme coins.
See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover
Why It Matters: Disclosures revealed that entities associated with President Trump and Melania have sizable ownership in their respective meme coins.
While Trump-affiliated companies controlled 80% of the TRUMP coin, about 35% of the total supply of MELANIA was reserved for the First Lady's team
The slump comes as Trump's inaugural address made no mention of cryptocurrencies, including Bitcoin (CRYPTO: BTC), despite the high expectations leading up to the swearing-in.
The snub had a ripple effect on the broader market, as major cryptocurrencies like Bitcoin and Ethereum (CRYPTO: ETH) fell from the pre-inauguration highs.
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