:max_bytes(150000):strip_icc()/GettyImages-2194475404-b717075cbf2d4c3b92a37eb18c27aefc.jpg?w=1920&resize=1920,1267&ssl=1 "Trump and Melania Meme Coins Crash, Bitcoin Pulls Back But Remains Above 0K | Global News Avenue")
Trump and Melania Meme Coins Crash, Bitcoin Pulls Back But Remains Above $100K
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Main points
- The price of official Trump and Melania memes has dropped significantly over the past few days as Donald Trump takes office as the 47th President of the United States.
- Bitcoin, on the other hand, is still holding on around $103,000 after hitting a new all-time high on Monday.
- Notably, Trump did not mention cryptocurrency in his inauguration speech and issued no executive orders related to the industry.
- The launch of the Trump and Melania meme coins has been harshly criticized by some cryptocurrency market observers.
After weekend surge, Trump and Melania Meme Coin President Donald Trump collapsed a day after taking office.
The official Trump coin launched on Friday is trading about 50% below Saturday’s high, while the Melania coin has erased about two-thirds (74%) of its gains from Monday’s high.
Bitcoin (Bitcoin USD) soared to all time high The price before the inauguration was more than $109,000. It also retreated but remains above $100,000.
Trump didn’t pay attention to cryptocurrencies on day one
This downward trend may be due to the lack of mention of cryptocurrencies or the Bitcoin Strategic Reserve in a series of executive orders issued by Trump on day one. Trump’s pro-crypto stance and the election of a pro-crypto Congress have boosted Bitcoin prices in recent months.
While cryptocurrencies are conspicuously absent from Trump’s list of priorities, better people see a 63% chance of it currently, according to prediction market Polymarket Bitcoin strategic reserve It will be established in the United States this year.
Crypto industry wary of Meme coin launch
The meme coins, launched ahead of the inauguration, have drawn criticism from some members of the cryptocurrency industry who believe they are out of touch and could hurt crypto, Trump or both.
Castle Island Ventures partner Nic Carter posted on
Messari co-founder Ryan Selkis said Trump was getting bad advice from those around him.
Serkis posted on X Sunday: “Please fire those who suggested that Melania’s press conference continue today.” “They have no regard for your interests.”
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