Trump and Melania Meme Coins Tank on Inaugural Address Day

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.

The official meme coins of former President Donald Trump and former First Lady Melania Trump continued to trade lower on Tuesday morning after tanking on Monday over no mention of cryptocurrencies in the 46th presidential inaugural address.

What Happened: The Official Trump (TRUMP) token fell another 11.3% in the last 24 hours, bringing the total loss to about $11.3 billion, according to CoinMarketCap.

The coin’s trading volume also dropped another 21% during the period.

The Official Melania (MELANIA) coin witnessed a steeper decline of 23.3% in the last 24 hours. The token has crashed over 63% since its all-time high of $13.64 recorded two days ago.

The two Solana SOL/USD–based meme coins created a buzz over the weekend, running up to valuations that took established firms 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 (NYSE:OXY).

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

What Disclosures Show: Disclosures revealed that entities associated with former President Trump and former First Lady Melania had 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 in the meme coins comes as former President Trump's inaugural address made no mention of cryptocurrencies, including Bitcoin BTC/USD, despite the high expectations leading up to the swearing-in.

The snub had a ripple effect on the broader crypto market, as major cryptocurrencies like Bitcoin and Ethereum ETH/USD fell from the pre-inauguration highs.

Why It Matters: Meme coins have become a new phenomenon in the crypto world, often created to capitalize on trending topics or personalities.

These coins typically have a large supply of tokens and are created quickly, leading to massive gains or losses in a short period.

The two Trump-themed meme coins are among the latest examples of such coins that have seen wild swings in recent weeks.