Bitcoin Pulls Back to $100K as Melania Trump Launches Her Own Memecoin
Bitcoin (BTC) experienced a pullback during Monday’s morning Asia trading session, amid a surge in memecoin activity with TRUMP and MELANIA tokens taking the spotlight.
The world’s largest cryptocurrency briefly dipped below $100,000, marking a 4.5% drop over a 24-hour period. Other major cryptocurrencies, including Ethereum (ETH), XRP, Solana (SOL), and Binance Coin (BNB), saw larger losses, with Cardano (ADA) and Dogecoin (DOGE) each shedding over 10%, according to CoinDesk and CoinGecko data.
The TRUMP memecoin, launched over the weekend and tied to President-elect Donald Trump, experienced a 30% drop, falling to $49. The decline came as Melania Trump introduced her own memecoin, MELANIA, on Sunday.
In a post on X (formerly Twitter), Melania Trump announced, “The Official Melania Meme is live! You can buy $MELANIA now.” The token, based on the Solana blockchain, surged by an astonishing 24,000%, reaching a record price of $13. Many observers speculate that the liquidity being drawn into MELANIA has siphoned funds from the TRUMP token, which had been the most traded digital asset on Binance over the weekend.
Some market participants suggest that the explosive trading of both the TRUMP and MELANIA coins represents the “FOMO” phase of a bull market, possibly signaling a correction in Bitcoin’s price.
On the other hand, Arca’s CIO, Jeff Dorman, sees the launch of TRUMP as a breakthrough moment. In a post on X, Dorman remarked, “For over three years, regulatory concerns were holding back potential token issuers and investors in the U.S. This is now eradicated with the President himself acting as both issuer and investor.”
Dorman added that the TRUMP token has opened the doors for other companies, municipalities, universities, and individual brands to use crypto for capital formation and customer engagement.
As Donald Trump’s inauguration approaches, speculation is growing that he may sign an executive order on his first day in office, creating a national strategic bitcoin reserve. This potential move is adding to the anticipation and excitement within the cryptocurrency market.
