After skyrocketing over the weekend, the the TRUMP and MELANIA meme coins came crashing a day after Pre🔯sident Donald Trump took office.

The official Trump token, launched Friday, is trading roughly 50% 𒀰lower than its Saturday high and the Melania coin has erased roughly two-thirds of its gains (74🌳%) from its Monday peak.

Bitcoin (BTCUSD) soared to a 澳洲幸运5官方开奖结果体彩网:new all-time high above $109,000 ahead of the ൲inauguration. It has also pulled back but remained above $100,000.

No Crypto Focus From Trump On Day One

This downtrend is possibly due to the lack of any mention of cryptocurrencies or a bitcoin strategic reserve in Trump's flurry of executive orders on day one. Trump's pro-crypto stand and the election of a crypto-supportive Congress have fueled bitcoin prices in recent months.

Despite the conspicuous absence of cryptocurrencies from Trump's list of priorities, according to prediction market Polymarket, betters believe there is currently a 63% chance that a 澳洲幸运5官方开奖结果体彩网:bitcoin strategic reserve will be established in the U.S. this year.

Crypto Industry Wary Of Meme Coin Launches

The meme coin launches ahead of the inauguration attracted criticism from 🙈some crypto industry members who felt they were ill-timed and could hurt crypto, Trump, or both.

"Creating a bunch of personal meme coins opens the door to secretive foreign buyers trying to curry influence with our leaders," Castle Island Ventures Partner Nic Carter posted on X.

Messari co-foundཧer Ryan Selkis said Trump is getting bad aꦡdvice from those around him.

"Please fire whoever recommended going forward with the Melania launch today," Selkis posted on X Sunday. "They don’t have your interests in mind."