The memecoin market continues to unravel as 2025’s expected Q4 recovery turns into a deeper sell-off. Among the hardest hit are the politically themed tokens TRUMP and MELANIA, both of which have extended their losses through the end of the year.
Steep Declines Into Year-End
Over the past month, MELANIA fell another 39%, while TRUMP dropped 32%.
Year-to-date, MELANIA has collapsed by 96% to $0.11, and TRUMP is down 78% to $5.70.
With broader market conditions weakening and Bitcoin pulling back more than 30%, these memecoins may face additional downside heading into early 2026.
Memecoin Hype Fades as Market Rotates
The downturn in TRUMP and MELANIA mirrors a wider retreat across the entire memecoin segment.
Following the sharp contraction in Q4, attention shifted toward privacy-focused coins, fueling strong rallies in assets such as Zcash (ZEC) while leaving memecoins behind.
Across all categories, memecoins recorded an average loss of 58% in 2025, meaning both TRUMP and MELANIA performed even worse than their already weak sector.
Market Interest Plummets
Speculative activity has dropped sharply. Total open interest in TRUMP futures has fallen 78%, from over $550 million at the start of 2025 to just $120 million in December, according to Velo.
MELANIA’s speculative interest has fallen even further, collapsing by 90%.
Shrinking open interest signals that traders are exiting the space, reallocating to other sectors, or avoiding high-volatility tokens altogether.
A Surprisingly Large Holder Base Remains
Despite the downturn, on-chain data shows over 600,000 wallets still holding TRUMP.
This signals a base of users who may be waiting for a potential recovery, even as the token experiences extreme drawdowns.
MELANIA, however, appears more vulnerable if market weakness continues.
Outlook
With speculative inflows drying up, sector sentiment deteriorating, and market rotation favoring other narratives, TRUMP and MELANIA remain under pressure. Unless liquidity and interest return to the memecoin segment, further downside remains possible.
