Beyond the planned inauguration set for January 20th, Donald J. Trump garnered attention from the crypto community through an unexpected and remarkable action he executed on Friday night.
The meme coin created and popularized by him and his group has soared dramatically, making it the second largest of its kind. However, one might wonder if this growth is beneficial or detrimental to the broader meme coin market and the crypto industry in general.
The Bad
In just two short days, the digital currency known as Official Trump, represented by the ticker TRUMP, has climbed its way into the top 20 altcoins on both CoinGecko and CoinMarketCap. Remarkably, it’s also knocking at the door of the top 10 on CoinMarketCap! As of now, its market capitalization stands close to $15 billion on CMC, but that figure could rise significantly by the time this article is read.
This cryptocurrency has experienced an unprecedented surge, skyrocketing from practically nothing to almost reaching triple digits in just a couple of days, turning shrewd traders into overnight millionaires. The extraordinary rise continues to astound even the most seasoned crypto market veterans, as it has become the second-largest representative of the meme coin sector, which was already quite competitive.
However, the surge of CoinGecko’s meme coin has coincided with the decline of numerous rival coins. The meme coin chart on CoinGecko indicates a significant drop in most competitors since TRUMP was launched last Friday evening. On a daily basis, DOGE has dropped by more than 9%, SHIB has fallen by approximately 10%, and PEPE has seen a decline of over 16%.
This situation clearly illustrates that the realm of cryptocurrency, especially meme coins, can be ruthlessly competitive. Currently, the most powerful and influential player seems to be the representative endorsed by Donald Trump, who appears to be overpowering others in the market.
The Good
Despite the fact that many meme coins and altcoins are experiencing significant price drops today, TRUMP’s launch might turn out to be advantageous for them as well. This is because the upcoming US president has shown support for a crypto asset, which could potentially draw in new investors to the market.
It’s clear that the excitement surrounding this event has reached a fever pitch and may persist for days or even weeks, as his inauguration is just hours away. Yet, investors will eventually look for different opportunities once Trump’s market rally begins to run out of steam, which could potentially advantage some competitors or alternative investments.
During his election campaign, the newly elected president expressed several commitments favoring cryptocurrencies. These pledges are intended to drive advancement across the whole crypto sector.
To summarize, it’s premature to predict if Donald Trump’s entry into the crypto market will ultimately prove beneficial or detrimental in the long run. Nonetheless, it’s undeniable that his involvement will significantly shape the market’s trajectory.
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2025-01-19 15:18