Why memecoins are down today? How Trump’s gala dinner played a part
The post Why memecoins are down today? How Trump’s gala dinner played a part appeared on BitcoinEthereumNews.com.
Memecoins lost 7.5% in market cap as Bitcoin fell 4.5%, dragging sentiment down sharply. DOJ probe into Trump’s crypto dinner triggered market-wide panic and $598M in total liquidations. Bitcoin’s [BTC] 4.5% drop earlier today didn’t just drag the broader market—it wrecked memecoins. The meme sector’s market cap fell 7.5%, while trading volumes tanked by 10.35%, according to data reviewed by AMBCrypto. And that wasn’t all. Massive selloff in memecoins Amid this, Pepe [PEPE], Official Trump [TRUMP], dogwifhat [WIF], and Floki [FLOKI] were among the hardest hit, recording price declines of 11%, 9%, 12.5%, and 9.5%, respectively, during the same period. The ongoing dip in the above memecoins does not appear to be just a dip; it seems more like a crash, as the prices continue to decline and have changed the overall price action. But why did the memecoin floor fall out? The potential reason behind this brutal dip in crypto memecoins is the recent move by U.S. lawmakers, who urged the Justice Department to investigate President Donald Trump’s crypto dinner. Source: Press release by U.S. Congressmen Sean Casten The announcement of this investigation created panic, leading to a notable decline in major assets such as Bitcoin and Ethereum [ETH], and causing total liquidations to exceed $598 million. The majority of the liquidations came from long positions, which accounted for $508.66 million, while short positions saw $89.59 million in liquidations. This indicates that the bulls were hit the hardest. The $600 million in total liquidations not only impacted major assets but also triggered a 7.5% crash in the overall memecoin market cap. The signal was clear—bulls got caught off guard. Are whales buying the dip? While prices dipped, wallets got busy. According to Spot Inflow/Outflow data by CoinGlass, exchanges across the globe have recorded outflows of $38.79M in PEPE, $33.81M…
Filed under: News - @ May 24, 2025 7:27 pm