During Donald Trump's inauguration, the crypto market faced significant volatility as expectations surrounding his presidency diminished. Solana's SOL coin sunk nearly 10% from its peak, while the newly launched TRUMP and MELANIA memecoins dropped as much as 30% and 46%, respectively, amid market criticism. The overall bearish trend resulted in over $700 million in liquidations of leveraged trades, exceeding $1.2 billion within 24 hours, marking a notable wipeout in the crypto market this year. Anticipations of favorable crypto policies under Trump's administration were dashed when he made no mention of the sector during his speech, leading to rapid price declines for various digital assets. Critics within the industry voiced their concerns over the speculative nature of the memecoins associated with Trump, adding to the backlash against the tokens and their potential negative impact on the legitimacy of the cryptocurrency space.

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