What to know:
During the early trading hours in Asia on Monday, Bitcoin (BTC) experienced a dip in value as there was intense activity in the meme-based cryptocurrencies TRUMP and MELANIA, causing a frenzy in the market.
As an analyst, I’ve observed a temporary dip in the value of the predominant cryptocurrency, dropping below $100,000 – a 4.5% decrease over the past 24 hours. Notably, contenders like Ethereum (ETH), Ripple (XRP), Solana (SOL), and Binance Coin (BNB) experienced more substantial losses. The notable exceptions here are Cardano (ADA) and Dogecoin (DOGE), which suffered over 10% decline, as reported by trusted sources such as CoinDesk and Coingecko.
On its debut this past weekend, the memecoin associated with President-elect Donald Trump, known as TRUMP, experienced a 30% drop in value to $49, following the launch of a new memecoin tied to Melania Trump, Trump’s wife, named MELANIA.
Melania Trump announced on platform X last Sunday that her official meme coin, $MELANIA, is now available for purchase! This playful digital currency runs on the Solana blockchain, as stated on its official website.
Over an astonishing surge of 24,000%, the MELANIA token reached a new peak at $13, apparently draining liquidity from the popularly traded cryptocurrency on Binance during the weekend, known as the TRUMP coin.
According to certain analysts, the intense buying of TRUMP and MELANIA coins indicates that we may be entering the “fear of missing out” (FOMO) stage in the stock market bull run. This could potentially cause a significant drop in the price of Bitcoin.
Others, such as Jeff Dorman (CIO at Arca), view the launch of TRUMP as an open invitation for endless opportunities.
Initially, there have been concerns about regulation for over three years from possible token issuers and investors in the U.S., but these worries are now eliminated entirely since the President himself serves as both an issuer and an investor, according to Dorman’s statement on X.
Dorman stated that the TRUMP token has indicated to businesses, municipalities, educational institutions, and personal brands alike, that cryptocurrencies are now viable tools for raising capital and boosting customer relationships.
Before the inauguration ceremony, there’s a lot of speculation that President Trump might issue an executive order on his first day in office, declaring the establishment of a strategic Bitcoin reserve.
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2025-01-20 05:25