Donald Trump did not mention crypto during his inauguration speech, leaving crypto traders' heightened expectations somewhat unfulfilled.
Crypto markets swung on Monday as President Donald Trump was sworn into office, with Solana's SOL leading altcoin losses down nearly 10% from its record high.
TRUMP and MELANIA, recently launched "official" memecoins from the President and First Lady, plummeted as much as 30% and 46%, respectively, amid criticism over their speculative nature. The volatility caused widespread liquidations of leveraged crypto derivatives positions, totaling over $700 million liquidations across all assets through the day and surpassing $1.2 billion over the past 24 hours.
Crypto markets saw wild price swings on Monday during Donald Trump's inauguration ceremony as heightened excitement turned to disappointment after), which was at the center of the weekend crypto frenzy of Trump-related memecoins, led losses among altcoin majors, down nearly 10% from its recent lifetime record.which launched Friday on Solana, tanked 30% from $50 during Trump's speech. It later recovered some of its losses but was still down roughly 20% from its session high.
“It’s absolutely preposterous that he would do this,” Nic Carter, founding partner at the crypto investment firm Castle Island Ventures,"This meme coin represents the worst of crypto and shows why many regulators, advocates, and policymakers have long been worried," she said in a Monday statement. "These actions by President Trump will also further taint the crypto industry, which has long fought for legitimacy and a level playing field with other financial institutions.
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