Trump and Melania Meme Coins Crash, Bitcoin Pulls Back But Remains Above $100K
After skyrocketing over the weekend, the the TRUMP and MELANIA meme coins came crashing a day after President Donald Trump took office.
The official Trump token, launched Friday, is trading roughly 50% lower than its Saturday high and the Melania coin has erased roughly two-thirds of its gains (74%) from its Monday peak.
Bitcoin (BTCUSD) soared to a new all-time high above $109,000 ahead of the inauguration. It has also pulled back but remained above $100,000.
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.
The meme coin launches ahead of the inauguration attracted criticism from some crypto industry members who felt they were ill-timed and could hurt crypto, Trump, or both.
«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.
Messari co-founder Ryan Selkis said Trump is getting bad advice from those around him.
«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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