Trump and his wife's meme coins plummeted in value ahead of the inauguration.

The meme coin $TRUMP lost nearly 30% of its value immediately after Donald Trump officially took office as President of the United States. The decline began when he failed to mention cryptocurrencies in his inaugural speech, notes Bloomberg.

Bitcoin also dropped by 6%, falling from $106,500 at the start of the address to $100,500 by its conclusion. However, by 21:20 Moscow time, the price of Bitcoin had recovered to $103,000, while the meme coin $TRUMP rose from $36 to $42.

The launch of the Trump and Melania meme coins sparked criticism in the cryptocurrency market, as industry leaders anticipated a more serious approach to digital assets from the new Republican administration, according to Bloomberg's report.

The $TRUMP token was introduced by the U.S. President on Friday, while the MELANIA coin, launched by his wife, made its debut on Sunday.

The market capitalization of the Trump meme coin peaked at $15 billion but then briefly fell below $8 billion as attention shifted to the Melania token, according to data from CoinMarketCap.

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