During Trump’s ceremony, cryptocurrency markets experienced intense fluctuations. Initial excitement turned to disappointment when Trump did not mention cryptocurrency in his first speech. This lack of discussion is not surprising given the pressing national issues at hand, such as the refugee crisis and rising living costs, which likely took precedence over talks about Bitcoin 
$78,415.
Solana and Memecoins Plummet
The Layer-1 network Solana 
$103 faced significant losses after being at the center of the crypto frenzy linked to Trump-related meme coins over the weekend. Solana’s (SOL) value dropped nearly 10% from its recent record. Trump’s official meme coin, TRUMP, fell by 30% from its starting price of $50 during the speech, ultimately closing the day down approximately 20%. Another token launched on the same day, MELANIA, saw value declines of up to 46%.
According to CoinGlass data, liquidations exceeding $700 million affected all crypto assets on Monday due to market volatility. Nearly $500 million of these liquidations were on long positions. Including the sales that occurred the night before the inauguration, total liquidations over the last 24 hours reached $1.2 billion, marking the largest leveraged liquidation this year.
Reactions from the Industry
Despite high expectations for Trump’s potentially friendly policies towards the crypto industry, the launch of Trump-related meme coins just days before the inauguration led to speculative frenzy in crypto trading platforms, unsettling some prominent figures in the sector.
“This is a completely absurd move,” said Nic Carter, co-founder of Castle Island Ventures, criticizing the meme coin launch as a peak of foolishness. House Representative Maxine Waters also stated on Monday that the situation harmed the crypto industry.
“This meme coin represents the worst aspects of cryptocurrency and illustrates the long-standing concerns of regulators, advocates, and policymakers. Such actions will further tarnish the crypto industry and hinder its quest for legitimacy and a level playing field with other financial institutions.”
These fluctuations in the crypto market necessitate a reevaluation of risk management strategies by traders. During periods of high volatility, closely monitoring market trends and technological advancements becomes critical. Experts emphasize the need for various measures to minimize the impact of similar events on the markets in the future.
