Whales Are Buying the $TRUMP Dip Amidst Memecoin Sector Decline

Key Points

The newly-launched TRUMP and MELANIA memecoins are down by 39% and 67% respectively.
However, on-chain data reveals that whales are buying the TRUMP dip.

The crypto market recorded intense volatility following yesterday’s Presidential Inauguration in the US.

The memecoin sector is down by over 4% today, and the newly-launched TRUMP and MELANIA memecoins crashed significantly. However, whales are currently buying the TRUMP dip, according to on-chain data.

Trump-Related Memecoins’ Prices Dropped

Today, the Official Trump (TRUMP) memecoin launched by the US President is down by over 38%, after seeing a significant surge in the first day after launch, according to data from CoinGecko.

TRUMP was launched on January 18, seeing remarkable growth in market cap one day after it went live.

TRUMP reached a top of around $15 billion in market cap on January 19, ahead of today’s significant crash.

Yesterday, Robinhood listed TRUMP, after Binance did the same on Sunday.

Also, another memecoin that made waves in the crypto industry, MELANIA, recorded a significant price drop today of over 67%, according to CoinGecko.

Melania Meme (MELANIA) was launched on January 19, and Binance Futures also listed a futures contract for the coin.

Other memecoins have also seen price drops today. DOGE is down by over 8%, PEPE dropped by over 11%, while FARTCOIN recorded a price drop of 30%.

However, multiple whales are buying the TRUMP dip, according to on-chain reports.

Whales Are Buying the TRUMP Dip

On-chain data reveals that two hours ago a whale spent over 7 million USDC to buy almost 208,000 TRUMP at $34. Also, another whale bought over 99,000 TRUMP tokens for over 3 million USDC at $31.8.

The downward trajectory for TRUMP and MELANIA began yesterday, as Solana, where both coins were launched, recorded issues.

Solana-Based Applications Experienced Degraded Performance

Decrypt mentioned that the launch of MELANIA and the diversion of liquidity triggered a sharp downturn for the TRUMP memecoin.

Also, infrastructure issues on Solana have boosted the chaos, with platforms like Phantom Wallet and Jupiter exchange overwhelmed by transaction surges on Sunday.

Yesterday, Jupiter announced via X that its systems were under extreme load, and working to restore proper services as soon as possible. However, they also posted that this translates into mass adoption.