Important points
The Trump and Melania meme coin soared over the weekend before crashing the day after President Donald Trump was inaugurated.
Trump’s official token, launched on Friday, is trading about 50% lower than Saturday’s high, and Melania Coin has erased about two-thirds (74%) of its gain from Monday’s high.
Bitcoin (BTCUSD) soared to an all-time high of over $109,000 ahead of the inauguration. This price has also fallen, but is still above $100,000.
President Trump has not focused on cryptocurrencies from day one
This downward trend is likely due to the fact that there was no mention of cryptocurrencies or the Bitcoin Strategic Reserve in President Trump’s rapid-fire executive orders on the first day. President Trump’s pro-crypto stance and the election of a pro-crypto Congress to Congress have driven up the price of Bitcoin in recent months.
Despite the apparent absence of cryptocurrencies from President Trump’s list of priorities, tipsters are currently predicting that there is a 63 chance that a Bitcoin strategic reserve will be established in the US this year, according to prediction market Polymarket. I think there are %.
Cryptocurrency industry wary of meme coin launch
The meme coin announcement ahead of the inauguration drew criticism from some crypto industry insiders who felt it was poorly timed and could harm crypto, Trump, or both.
“Creating large numbers of private meme coins opens the door to secretive foreign buyers seeking to influence our leaders,” Nick Carter, partner at Castle Island Ventures, posted on X did.
Messari co-founder Ryan Serkis said Trump is receiving bad advice from those around him.
“Please fire the person who encouraged Melania Melania’s launch to go ahead today,” Serkis wrote on X Sunday. “They don’t have your best interests in mind.”
