There have been huge movements in the cryptocurrency market ever since the inauguration of Donald Trump on January 20, 2025. Memecoins like TRUMP and MELANIA have taken a big hit, with the latter correcting more than 36% of its value. Bitcoin, though still leading the market, has corrected to $103,493.78 from its recent all-time high.
Market Overview
According to Coingecko, the global crypto market cap has dropped by 5.4% and is sitting at around $3.5 trillion.
This comes after a short-lived upward trend where Bitcoin reached an all-time high of $109,114.88. With the change in market sentiments, Bitcoin has shed 4% in the last day. The Fear & Greed Index is currently at 76, indicating extreme greed amongst traders and investors.
Memecoin Performance
But no sector has been quite as affected as the memecoin sector. The Official Trump coin, TRUMP, has crashed a whopping 36.73% to currently be trading for $38.15, while the Melania memecoin saw an even sharper decline of over 66% within 24 hours. Overall, the memecoin market has slid about 15% since Trump’s inauguration, indicating a selling trend in this space.
Other memecoins such as BONK and PEPE also lost value, contributing to the downtrend in this segment. Meanwhile, DeFi maintains its footing, with some tokens, for example, Raydium (RAY), gaining almost 18.82%.
Key Cryptocurrency Prices
The cryptocurrency market as of January 21, 2025, features big price action. Bitcoin is trading at $103,493.78, down 0.61%. Ethereum has dropped to $3,220.33, down 1.78%. Solana currently trades at $235.47 after a fall of 3.95%, while Ripple’s XRP is trading at $3.07, down 0.82%. Most notably, the TRUMP coin is now trading at $33.15 after its large drop. $MELANIA is trading at $4.46, and it has plummeted over 66%.
The nature of contrasting performances by memecoins against Bitcoin and other major cryptocurrencies reflects mixed market sentiment. Even though it is one of the flagship bearers for the whole market, recent price corrections, together with extremely sharp drops among memecoins, hint at the cautiousness on the part of investors.
