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Meme coins, especially those backed by celebrities, can rise and fall rapidly. Recently, meme coins related to Donald Trump and his wife Melania Trump have been taking the cryptocurrency market by storm.

The TRUMP token, launched by Donald Trump, initially reached a market cap of nearly $15 billion, surpassing even popular meme coins like Shiba Inu. However, with the introduction of the new “Melania” token, the price of Trump’s official meme coin plummeted, at one point falling by more than 50%.

The extreme volatility affected not only Trump’s coin, but the entire market, causing Bitcoin and other altcoins to plummet in the past few hours. As a result, over $1.2 billion in trading positions were liquidated, and over 400,000 traders suffered losses.