Trump Crypto Probe Hits Memecoins, $598M Liquidated
Key Takeaways
- Memecoins like PEPE, TRUMP, WIF, and FLOKI lost up to 12.5% in value.
- The trigger was a U.S. Department of Justice investigation into Trump’s crypto gala dinner.
- Crypto positions worth approximately USD 598 million were liquidated.
- Large wallets are withdrawing coins from exchanges – a possible sign of accumulation.
What’s Behind the Price Drop?
On May 25, the memecoin market segment experienced a significant downturn. The trigger was a political development in the United States: several members of Congress called on the Department of Justice to investigate a crypto-related gala dinner hosted by Donald Trump. This news created uncertainty among investors and led to a broad sell-off.
As a result, Bitcoin lost 4.5% of its value. The total market capitalization of the memecoin sector dropped by 7.5%. Trading volume also fell by over 10%.
These Memecoins Were Hit the Hardest
Some of the most well-known memecoins saw double-digit losses:
- PEPE: -11%
- TRUMP: -9%
- dogwifhat (WIF): -12.5%
- FLOKI: -9.5%
These declines suggest not just a short-term correction but could indicate a trend reversal. PEPE and WIF, in particular, broke through key support levels.
Liquidations Intensify the Downtrend
According to recent data, positions worth a total of USD 598 million were liquidated in a short period. Of that, USD 508.66 million were long positions – meaning traders who were betting on rising prices. Only USD 89.59 million were short positions.
This shows that many investors were caught off guard. The sudden price drop triggered a chain reaction that weighed on the entire market.
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Large Wallets Pulling Back – or Buying In?
Despite the negative sentiment, there are signs of potential buying activity by so-called “whales” – investors with large holdings. Data from CoinGlass shows that significant amounts of memecoins have been withdrawn from exchanges:
- PEPE: USD 38.79 million
- TRUMP: USD 33.81 million
- WIF: USD 17.19 million
- FLOKI: USD 2.13 million
Such outflows often indicate accumulation – meaning investors are buying coins and moving them to secure wallets. This could be an early signal of a potential recovery.
What’s Next for Memecoins?
Technical analysis shows mixed signals:
- PEPE fell below the key level of USD 0.0000145. If sentiment remains negative, a further drop to USD 0.000012 is possible.
- TRUMP reached the support zone at USD 12.50. Historically, this level has often triggered rebounds of around 20%.
- WIF formed a bearish candlestick pattern at resistance. A decline to USD 0.93 would be plausible in the current environment.
- FLOKI shows a similar pattern to WIF. A drop of around 12% is likely unless the market stabilizes.
Our Assessment
The current decline in memecoins is more than just a typical correction. Political uncertainty and massive liquidations have shaken investor confidence in the short term. At the same time, exchange outflows suggest that some investors may be seizing the opportunity to buy in.
If you’re invested in memecoins or considering entering the market, keep a close eye on market sentiment. Political developments and technical levels are playing a key role right now. In the short term, risk remains elevated – but in the medium term, opportunities may arise if the market stabilizes.
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