TRUMP Token, Bitcoin Experience Rapid Price Changes Amid Inauguration Hype
Key Insights
- The crypto market reacted strongly to the inauguration of Donald Trump on Monday, 20 January.
- Bitcoin hit a new all time high of $109,000 before reversing along with the rest of the crypto market on Tuesday.
- The launch of the official $TRUMP and $MELANIA memecoins are believed to be signs of an easier crypto regulatory landscape.
- The next four years are expected to bring in some interesting developments for the crypto space.
Donald Trump has stepped into office for his second term as the 47th president of the United States.
As it stands, the crypto industry is experiencing a surge of volatility.
There is a new wave of enthusiasm for digital assets, especially with the introduction of the official Donald Trump memecoin, which has driven market activity to new highs.
The market is currently cooling off after a particularly eventful weekend.
However, here are some of the major developments that have shaped the narratives around crypto.
The Rise Of The $TRUMP Coin
The official $TRUMP cryptocurrency was launched on Friday night.
The days following this explosive launch was nothing short of extraordinary—this memecoin, which started at a launch price under $10 exploded to a peak of $75 in a matter of days.
This cryptocurrency has settled down to a trading price just under $40 as of Tuesday according to CoinMarketCap.
However, the two-day surge between Friday and Sunday propelled the token’s market cap to over $10 billion, amid a wave of praise and skepticism.
Critics pointed out that around 80% of this token’s supply was owned by CIC Digital and Fight Fight Fight, both of which are affiliates of Trump’s businesses.
The general PolitiFi memecoin space has also turned red over the last 24 hours, with prominent cryptocurrencies like Maga (TRUMP), Peanut the Squirrel (PNUT), Trog and Super Trump experiencing declines as shown:
Bitcoin Hits a New High
Donald Trump’s crypto friendly administration is already making waves in the broader market.
For example, Bitcoin hit a new high of $109,071 on Trump’s inauguration day.
However, the cryptocurrency eventually pulled back to $101,867.40 before settling around the $103,000 zone where it now sits.
The rally of Bitcoin also showed the renewed interest among crypto investors about the possible regulatory reforms under Trump’s leadership
This growth was evident on the Solana network, where $TRUMP and the $MELANIA tokens were deployed.
The official $SOL cryptocurrency hit a new all time high of $294 on Sunday and has now pulled back to $238 where it now sits amid these developments.
Melania Trump added to the speculation on Sunday, by launching her own memecoin $MELANIA.
This token skyrocketed upwards within hours, to a new market cap high of more than $1 billion.
This move has further solidified the family’s influence in the crypto space and could present some interesting developments for the digital asset space over the next four years.
Expected Crypto Policies In The Trump Administration
The return of Donald Trump to the white house has fueled speculation about what changes might be introduced to the digital asset space.
Investors are so far hopeful for several executive orders for policies ranging from a strategic Bitcoin reserve to lighter regulations at the SEC.
The Trump family’s foray into the digital asset space with projects like the World Liberty Financial, $TRUMP and $MELANIA continue to raise hopes for an easier regulatory landscape for crypto.
Whether Trump eventually heralds this “golden age” for crypto, or ends up opening a “Pandora’s box” of challenges remains to be seen.
In the meantime, the ongoing momentum remains encouraging as politics and finance continue to coexist.
