The post How Donald Trump and Melania Trump Memecoin Launches Are Impacting the Crypto Market? appeared first on Coinpedia Fintech News
Crypto prices had a mixed day, with Bitcoin bouncing back to $101K after hitting $106K earlier. All eyes are on Donald Trump as he kicks off his presidential campaign today. Just two days ago, he launched TRUMP Coin, which shot up by 55% in the last 24 hours.
Not to be outdone, Melania Trump jumped into the action, releasing her own coin, MELANIA, which exploded by 2000% right after its launch. Despite all the excitement, the overall crypto market dropped 4% to $3.48 trillion, though trading activity surged by 74%, reaching $336 billion.
Trump Takes Credit for Economic Success
Cashing on the market optimism, Donald Trump took credit for the surging stock market and Bitcoin’s record-breaking highs during his final speech ahead of his inauguration. He vehemently claimed this effect as “Trump effect,” after a smashing win and Bitcoin hiting a $100K with wider stock market rally crypto has seen it all.
Including a stock market rally and small business optimism reaching a 39-year high. The S&P 500 and Nasdaq also went crazy with record peaks in December, with valuations of 6,090 and 20,204, respectively. Bitcoin also hit an all-time high of $107,000 on December 17 before experiencing a brief dip to $90,000 and rebounding above $100,000.
Will Trump’s Executive Orders Change Crypto?
With rumors of Trump releasing many executive orders today, the newly launched MELANIA gained traction, achieving a $5 billion fully diluted valuation, with only 10% of its supply in circulation. However, this has badly affected Trump’s memecoin, “Official Trump,” which launched on January 17. Initially valued at a $14.5 billion market cap, the coin saw a sharp decline, dropping nearly 50% to an $8.8 billion market cap after Melania’s announcement.
Despite the dramatic developments in the crypto space, Trump avoided addressing the memecoins or Bitcoin’s recent fluctuations in his speech. His remarks focused on the broader economic momentum attributed to his leadership, emphasizing the unprecedented gains in financial markets and digital assets since his election.
While in the election campaign Trump announced many pro-crypto policies the market is waiting for him to fulfill his election promises in the meanwhile the market gave a thumbs up to his new meme launch and now all eyes are on his first 100 executive order, will it change the crypto fate forever we will come to see?