BTC Faces Volatility Amidst TRUMP and MELANIA Trading Boom: What’s Next?
Amidst frantic trading in meme coins TRUMP and MELANIA, Bitcoin (BTC) sustained losses during Monday’s morning Asia trading hours. The top cryptocurrency in terms of market value momentarily fell below $100,000, which is a 4.5% 24-hour decline. The top cryptocurrency, however, is up 3.61% at $108.014 as of this writing.
MELANIA Memecoin’s Explosive Growth and TRUMP Coin’s Struggles Mark Market Turmoil
Following the launch of Melania Trump’s memecoin, MELANIA, on Saturday, TRUMP, the memecoin associated with President-elect Donald Trump, plummeted 30% to $49 in value. The token is a fungible cryptocurrency that was developed and tracked on the Solana blockchain, according to the meme coin’s website.
The Official Melania Meme is live! You can buy $MELANIA now,
Reportedly draining liquidity from the TRUMP coin, the most-traded digital asset on Binance over the weekend, the MELANIA token surged an incredible 24,000% to a record high of $13. According to some analysts, the wild trade in TRUMP and MELANIA coins is indicative of the bull market’s FOMO phase and may cause a significant correction in the price of Bitcoin.
To start, the pushback for 3+ years from both potential token issuers and potential investors in the U.S. has been “regulatory concerns”. This is now completely eradicated when the President himself is both and issuer and an investor. TRUMP token just signaled to every company, municipality, university & individual brand that crypto can now be used as a capital formation and customer bootstrapping mechanism.,
Arca’s CIO Jeff Dorman
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