Crypto investors initially celebrated Donald Trump's return to the White House, hoping for a positive impact on the industry. However, the cryptocurrency market experienced significant volatility following his inauguration. A meme token released by First Lady Melania Trump and branded with her name crashed dramatically, adding to the turmoil in the market.
The TRUMP token, representing the new U.S. leader, suffered a steep decline. According to CoinGecko data, it plunged as much as 22% within a 24-hour period. This token, launched just last week, quickly lost its value post-inauguration, reflecting a shift in investor sentiment.
Bitcoin, the flagship cryptocurrency, was not immune to the market downturn. It dropped approximately 5%, settling at around $102,589. Ether, another leading cryptocurrency, saw a 3% decrease in value. Similarly, XRP experienced a 5% dip, contributing to the bearish trend observed across major digital assets.
Investors initially anticipated a favorable environment for cryptocurrencies with Trump's return to power. However, the actual market response following his inauguration was contrary to expectations. The meme token released by Melania Trump faced an even more severe fate, crashing by 58% in just one day.
Despite initial optimism, the inauguration of President Donald Trump negatively impacted the TRUMP token's value. While some investors had hoped for stability and growth in the crypto market, the reality proved to be more challenging.
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