The dip in the TRUMP and MELANIA meme coins is likely attributed to the complete omission of cryptocurrencies or any strategizing around a bitcoin reserve in the new wave of executive orders from Trump on his first day. Bitcoin prices have surged in recent months, spurred by Trump’s previous favorable stance towards crypto and a Congress supportive of digital assets.
Above $109,000, the coins spiked right before the inauguration over the weekend. A decline followed, yet it did not drop below the $100,000 threshold.
Cryptocurrencies were noticeably absent from Trump’s agenda, yet Polymarket indicates a 63% likelihood of a U.S. bitcoin strategic reserve being established within the year. This is according to the prediction market’s current insights.
Criticism was aimed at meme coin launches preceding the inauguration by some crypto industry voices, who argued that the timing was poor, posing potential risks to Trump, the cryptocurrency, or perhaps both.
Nic Carter of Castle Island Ventures expressed on X his concern that the creation of personal meme coins might allow secretive foreign investors to attempt influencing our leaders.
On X Sunday, Ryan Selkis, co-founder of Messari, urged Trump to dismiss those advising him, especially considering the Melania coin launch. “They are not considering your best interests,” he remarked.
Selkis shared his opinion that those around Trump are providing poor counsel, a sentiment echoed by others observing the situation.
Bitcoin’s Market Performance Amid Political Shifts
Bitcoin continues its relative stability, maintaining a trading value of approximately $103,000 following its unprecedented peak on Monday. Despite political upheavals, Bitcoin did not feature in Trump’s inauguration address, nor were any executive mandates concerning the field enacted.
Critical Reactions to Memecoin Initiatives
The official TRUMP and MELANIA meme coins saw significant price drops over recent days as Donald Trump was installed as the 47th President of the United States.
The inception of these meme coins attracted sharp disapproval from sections of the crypto market, who perceived the move as ill-considered during the transition of power.
