Crypto prices had a rollercoaster day, with Bitcoin briefly reaching $106K before bouncing back to $101K. As the market fluctuates, all eyes are now on Donald Trump, who officially takes Presidential office today. But there’s more—just two days ago, he launched his own cryptocurrency, TRUMP Coin, and it’s already surged 55% in the last 24 hours.
Meanwhile, Melania Trump made her own bold move, releasing MELANIA Coin, which skyrocketed by an incredible 2000% right after its launch. Despite this excitement, the overall crypto market dropped 4% to $3.48 trillion. However, trading activity surged by 74%, reaching $336 billion.
With so much happening in the crypto world, the story doesn’t end here. What’s next for Trump, his coins, and the market at large? Read on to find out.
Amid this market buzz, Donald Trump took credit for the rising stock market and Bitcoin’s record highs during his final speech before his inauguration. He called this momentum the “Trump effect,” pointing to his administration’s role in both the stock market surge and Bitcoin hitting $100K.
The stock market also saw huge gains, with small business optimism reaching a 39-year high. The S&P 500 and Nasdaq both set new records in December, with valuations reaching 6,090 and 20,204, respectively. Bitcoin hit an all-time high of $107,000 on December 17, before dipping to $90,000 and then bouncing back above $100,000.
With rumors that Trump will announce many executive orders today, MELANIA Coin has gained even more momentum, reaching a $5 billion fully diluted valuation, with only 10% of its supply in circulation. However, this has hurt Trump’s other memecoin, Official Trump Coin, which launched on January 17. Initially valued at a $14.5 billion market cap, the coin dropped nearly 50%, falling to an $8.8 billion market cap after Melania’s announcement.
Despite the drama surrounding the crypto space, Trump avoided discussing the recent fluctuations in Bitcoin or the memecoins in his speech. Instead, he focused on the broader economic progress he attributes to his leadership, emphasizing the record-breaking gains in financial markets and digital assets since his election.
As Trump continues his presidential campaign, his pro-crypto policies remain a major point of interest. The market is now waiting to see if he will fulfill his promises. In the meantime, investors have given a positive response to his new meme coin launch.
With every new move from Trump and his coins, the crypto market remains on the edge of its seat, eager to see what’s next.
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