21 January 2025 , 12:19
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Donald Trump’s official cryptocurrency has plunged by 32% over the past 24 hours.
It comes amid disappointment at the president’s failure to introduce pro-crypto policies on day one - as he had promised on the campaign trail.
His "meme coin" $TRUMP has now halved in value since reaching a record high of £61.50 two days ago.
And according to the Crypto Today podcast, it’s the worst-performing token among the 100 biggest cryptocurrencies.
The first lady’s coin (called, you guessed it, $MELANIA) has fared even worse, with a 61% crash since this time yesterday.
The decision to launch their own cryptocurrencies has attracted a fierce backlash - even from Bitcoiners and Trump supporters.
Meanwhile, Democratic Congresswoman Maxine Waters claimed these tokens "serve no purpose" and everyday investors "will be left holding the bag when Trump’s insiders sell".
Worryingly, a flurry of scam coins has also flooded the market, with some claiming to be linked to Donald Trump’s children Ivanka and Barron.
Bitcoin investors had high expectations for the president’s first day in the Oval Office.
Reports suggested Trump had planned to name crypto as one of his national priorities and would immediately announce plans to deregulate the industry.
Yet none of the executive orders he signed yesterday were related to digital assets, and plans for the US to invest in Bitcoin through a so-called "strategic reserve" are yet to be confirmed.
Another "day one" pledge made by Mr Trump was to pardon the founder of the Silk Road darknet marketplace, where Bitcoin was used to buy everything from firearms to illegal drugs.
But Ross Ulbricht, who was sentenced to life without parole and has been in prison for 11 years, remains behind bars.
The perceived lack of action has contributed to sell-offs across the crypto market.
Bitcoin, which had surged to a new all-time high of £89,000 yesterday, pulled back to lows of about £81,600 overnight.