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The Key Takeaways
- As Donald Trump became the United States’ 47th president, the official TRUMP meme coin and MELANIA meme coins have seen massive drops in price over the last couple of days.
- Bitcoin is holding its own at around $103,000, despite hitting an all-time record on Monday.
- Trump didn’t mention cryptocurrency in his inaugural speech and there haven’t been any executive orders issued related to this industry.
- Some crypto-market observers have heavily criticised the launch of TRUMP and MELANIA meme coins.
A day after Donald Trump became president, TRUMP and MELANIA meme coins crashed.
Melania token has lost two thirds (74%) of its gains since Monday.
Bitcoin (BTCUSD) soared to a new all-time high above $109,000 ahead of the inauguration. Although it has retreated, the price is still above $100,000.
Trump’s Day One Cryptofocus was not a priority
This downtrend is possibly due to the lack of any mention of cryptocurrencies or a bitcoin strategic reserve in Trump's flurry of executive orders on day one. Trump's pro-crypto stand and the election of a crypto-supportive Congress have fueled bitcoin prices in recent months.
Despite the conspicuous absence of cryptocurrencies from Trump’s list of priorities, according to prediction market Polymarket, betters believe there is currently a 63% chance that a bitcoin strategic reserve will be established in the U.S. this year.
Crypto Industry Aware of Meme Coins Launches
Some crypto members felt that the meme coin launch ahead of Trump’s inauguration was ill-timed, and would hurt either crypto or Trump.
"Creating a bunch of personal meme coins opens the door to secretive foreign buyers trying to curry influence with our leaders," Castle Island Ventures Partner Nic Carter posted on X.
Ryan Selkis is the co-founder and CEO of Messari. He said Trump gets bad advice.
"Please fire whoever recommended going forward with the Melania launch today," Selkis posted on X Sunday. "They don’t have your interests in mind."
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