Bitcoin (BTC) Price Returns to $100K, TRUMP Tanks 30% as Melania Memecoin Gains Strength
Bitcoin (BTC) nursed losses during Monday morning trading hours in Asia amid frantic trading in memecoins TRUMP and MELANIA.
The leading cryptocurrency by market value briefly fell below $100,000, representing a 4.5% decline on a 24-hour basis. ETH, XRP, SOL and BNB posted bigger losses, with ADA and DOGE losing more than 10%, according to data sources CoinDesk and Coingecko.
TRUMP, the memecoin linked to President-elect Donald Trump, which debuted on Saturday, is up 30% to $49, as Trump’s wife, Melania launched her own memecoin, MELANIA.
“Official Melania Meme Live! You can buy $MELANIA now,” Melania Trump posted on social platform X on Sunday. The meme coin website describes the token as a fungible cryptocurrency created and tracked on the Solana blockchain.
MELANIA’s token rallied a staggering 24,000% at a record price of $13, which is said to have absorbed liquidity from the TRUMP coin, which was the most traded digital asset on Binance over the weekend.
According to some observersthe fun trade in TRUMP and MELANIA coins represents the FOMO phase of the bull market and could lead to a dramatic BTC price action.
Meanwhile, others like Arca’s CIO Jeff Dorman believe TRUMP’s debut is a green light to all possibilities.
“To begin with, the pushback for 3+ years from both potential token issuers and potential investors in the US has been “regulatory concerns”. said to X.
“The TRUMP token just signaled to every company, municipality, university and individual brand that crypto can now be used as a capital formation and customer bootstrapping mechanism,” Dorman continued.
On the eve of the inauguration, expectations were rife that Trump would sign an executive order on the first day, announcing the creation of a strategic bitcoin reserve.
