:max_bytes(150000):strip_icc()/GettyImages-2194475404-b717075cbf2d4c3b92a37eb18c27aefc.jpg?w=780&resize=780,470&ssl=1 "Trump and Melania Mimi Coins Crash, Bitcoin Pulls Back but Remains Above 0,000")
Key takeaways
- Official Trump and Melania coins have seen massive price drops over the past two days, as Donald Trump was inaugurated as the 47th President of the United States.
- Bitcoin, on the other hand, is still holding at around $103,000 after hitting a new all-time high on Monday.
- It is worth noting that Trump did not mention cryptocurrencies in his inauguration speech, and no executive orders related to this industry were issued.
- The launch of Trump and Melania coins has been heavily criticized by some cryptocurrency market observers.
After rising dramatically over the weekend, the Trump and Melania coins collapsed the day after President Donald Trump took office.
The official Trump token, which launched on Friday, is trading nearly 50% below its high on Saturday, and the Melania coin has erased nearly two-thirds of its gains (74%) from its peak on Monday.
Bitcoin (BTCUSD) rose to a new all-time high above $109,000 before the open. It also fell but remained above $100,000.
No focus on cryptocurrencies from Trump on day one
This downward trend may be due to the lack of any mention of cryptocurrencies or the Bitcoin Strategic Reserve in the wave of executive orders issued by Trump on day one. Trump’s pro-crypto stance and the election of a crypto-supportive Congress have led to an increase in Bitcoin prices in recent months.
Despite the apparent absence of cryptocurrencies from Trump’s list of priorities, according to forecasting market Polymarket, Best believes there is currently a 63% chance of a strategic reserve of Bitcoin being created in the US this year.
Cryptocurrency Industry Wary of Meme Coin Launch
The launch of the meme coin before the inauguration drew criticism from some members of the cryptocurrency industry who felt it was poorly timed and could hurt cryptocurrencies, Trump, or both.
“Creating a collection of personal coins opens the door to secret foreign buyers trying to influence our leaders,” Castle Island Ventures partner Nic Carter posted on X.
Ryan Selkis, co-founder of Messari, said Trump receives bad advice from those around him.
“Please fire whoever recommended Melania’s launch go ahead today,” Selkis wrote on X Sunday. “They don’t have your best interests in mind.”
