Traders are facing significant losses as the value of memecoins plummets. A trader who invested over $1 million in various memecoins reported almost a 90% loss in just two days, amounting to approximately $900,000 lost. This downturn follows a surge in memecoin trading sparked by Donald Trump's entry into the space, which initially drove the TRUMP token to a market capitalization of nearly $9 billion. However, by January 24, the TRUMP token had dropped 53% from its peak, and the MELANIA token fell nearly 80% from its all-time high. Many investors are reportedly experiencing substantial losses, with one wallet showing a loss of over $2.5 million. Concerns have been raised regarding the impact of these tokens on investors, with calls for investigations into the projects affiliated with Trump. While some traders made significant profits, many others are now facing daunting financial setbacks due to the volatile nature of the memecoin market.

Source 🔗