Bitcoin (BTC) suffered losses during Asian trading hours Monday morning, amid frenzied trading of TRUMP and MELANIA memecoins.
The leading cryptocurrency by market value briefly fell below $100,000, representing a 4.5% decline on a 24-hour basis. ETH, XRP, SOL and BNB saw larger losses, with ADA and DOGE losing more than 10%, according to data sources CoinDesk and Coingecko.
TRUMP, the memecoin tied to President-elect Donald Trump, which debuted Saturday, fell 30% to $49, as Trump’s wife Melania launched her own memecoin, MELANIA.
“The official Melania Meme is live! You can buy $MELANIA now,” Melania Trump posted on social platform X on Sunday. The meme coin website describes the token as a fungible cryptocurrency created and tracked on the Solana blockchain.
The MELANIA token rose 24,000% to a record price of $13, supposedly sucking liquidity out of TRUMP coin, which was the most traded digital asset on Binance over the weekend.
According to some observers, the frenzied trading of TRUMP and MELANIA coins represents the FOMO phase of the bull market and could lead to a notable correction in BTC prices.
Meanwhile, others, like Arca CIO Jeff Dorman, believe TRUMP’s debut is a green light for all possibilities.
“To begin with, the reluctance for over 3 years from potential token issuers and potential investors in the US has been “regulatory concerns”. This is now completely eradicated when the President himself is both issuer and investor,” Dorman said on X.
“The TRUMP token has just signaled to every business, municipality, university, and individual brand that crypto can now be used as a capital formation and customer bootstrapping mechanism,” Dorman continued.
On the eve of the inauguration, Trump is expected to sign an executive order on day one announcing the creation of a strategic Bitcoin reserve.
Here is a recipe to nourish your brain. For Dr. Jonathan J. Rasouli, board-certified spine…
HARRISBURG, Pa. (AP) — A Democrat in the Pennsylvania House of Representatives has died, the…
Washington CNN — President Joe Biden on Monday granted a preemptive pardon to General Mark…
The introduction of President-elect Donald Trump's TRUMP memecoin represents a paradigm shift in how the…
Glenn Close has a theory about which of her films changed the way the world…
TAIPEI, Taiwan (AP) — China's vice president met with the U.S. vice president-elect and U.S.…