A historic day in Washington, D.C., took an unexpected twist, not only in politics but also in the world of cryptocurrency. As Donald
Trump took the oath of office to reclaim the US presidency, Bitcoin shattered
records, skyrocketing to an all-time high of nearly $110,000.
At the same time, the launch of meme coins by the first
couple has thrown the crypto market into a whirlwind of volatility. Trump introduced his cryptocurrency, $TRUMP, just days before his inauguration,
a move that jolted the crypto world.
The Meme Coin Mania
Initially, $TRUMP surged to $74, but it faced a sharp
dip when Melania Trump unveiled her own coin, $MELANIA. Her announcement sent
$TRUMP plummeting to $38 before a partial recovery to $63, according to data
from CoinMarketCap.
Meanwhile, $MELANIA began trading at just over $12,
reflecting the unpredictable nature of these internet-inspired meme coins. Despite
their volatile prices and lack of intrinsic value, meme coins have become a
notable trend.
The use of the Solana blockchain for these tokens
further highlights the former president’s pivot toward a digital-first economy.
Among recent appointments, Trump’s choice of Howard Lutnick, a known crypto
advocate, to lead the Commerce Department highlighted his administration’s
apparent commitment to the sector.
The Official Melania Meme is live!You can buy $MELANIA now. https://t.co/8FXvlMBhVfFUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
While $TRUMP and $MELANIA garnered attention, Bitcoin
stole the spotlight by soaring to $109,420 on Bitstamp, surpassing its December
high. This surge pushed Bitcoin’s market cap beyond $2.1 trillion, reinforcing
its position as one of the world’s most valuable assets.
Analysts attribute this rally to renewed investor
confidence spurred by Trump’s crypto-friendly policies and his vow to repeal
“radical” Biden-era executive orders. However, the road has been anything but smooth.
Bitcoin briefly dropped below $100,000 following the initial chaos surrounding
the meme coins.
Bitcoin’s Meteoric Rise
Altcoins, including SOL, DOGE, and ADA, experienced significant declines, with losses ranging between 6% and 8%. This turbulence
triggered over $1.2 billion in liquidations, affecting more than 400,000
traders worldwide, data from CoinGlass shows.
The introduction of $TRUMP and $MELANIA has sparked
heated debate within the crypto community. While some view the former
president’s endorsement of cryptocurrency as a potential boost for mainstream
adoption, others express concern over the speculative nature of meme coins.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
As Donald Trump takes the oath of office, the
spotlight will remain on the intersection of politics and cryptocurrency. With
Bitcoin achieving new heights and meme coins stirring controversy, the crypto
market’s future appears as dynamic as ever.
Whether this surge marks a new era of growth or a
fleeting bubble will depend on how the industry and policymakers navigate these
unprecedented developments.
This article was written by Jared Kirui at www.financemagnates.com.
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