$Trump meme coin investors lose $2 billion in less than a month; How are $Melania, Bitcoin performing? | Stock Market News

Donald Trump’s cryptocurrency $Trump has turned out to be a bad investment for thousands of investors who rode the high tide, putting their money in the memecoin launched three days before the US President’s inauguration in January.

Launched on January 17, Trump announced the launch of his cryptocurrency $Trump, asking his followers on TruthSocial to purchase the coin and join its community.

The price of the cryptocurrency had skyrocketed upon its launch, with earliest investors becoming some of the major beneficiaries. However, this rapid growth was followed by a sharp decline, with more than 8 lakh investors losing around $2 million.

Rise and fall of $Trump

The interest in $Trump has been huge from the day of its inception. The 59,71,750 tokens at their launch were priced at 18 cents each, but quickly rose to over $75 just before Donald Trump took oath. 

This made some of the earliest traders to make millions in profits, with one of them reportedly earning $109 million in just two days.

But the winning streak of $Trump did not continue for long. According to The New York Times, the price of the memecoin dropped to $17 as rapidly as it shot up, resulting in a cumulative loss of $2 billion for over 8.1 lakh crypto wallets.

The US President has however earned over $100 million in trading fees, NYT said in its report.

The price of $Trump was logged at $17.13 at 2 pm on Friday according to CoinMarketCap, which is still 151% higher than its launch price.

How has $Melania performed?

Donald Trump was not the only one in the family to launch a cryptocurrency in January. His wife and First Lady Melania Trump followed suit and unveiled her own memecoin $Melania, which briefly tanked her husband’s crypto by 50% upon launch.

The memecoin saw its brightest day on the day of its launch, rising to $13.73 each. However, $Melania also met a fate similar to $Trump, falling over 90% to touch an all-time low of $1.35 on February 3. 

As of 2 pm on Friday, $Melania was priced at $1.42 each, as per data on CoinMarketCap.

The Bitcoin story

Bitcoin, which was seeing a dry spell before pro-crypto Trump came to power, proved to be one of the biggest gainers follwoing his presidency.

The largest and most popular cryptocurrency by market cap, Bitcoin surged to an all-time high of $109,114.88 on January 20 as Trump took oath.

Unlike $Trump and $Melania, Bitcoin has continued to deliver a solid performance even after nearly a month of Trump’s swearing-in. The cryptocurrency is currently trading at $96,915.35 each, up by 1.02% in the past 24 hours.