Bitcoin and cryptocurrencies have soared since Donald Trump’s election victory in the United States, generating a wave of optimism until 2025 despite Elon Musk’s stern warning about prices.
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The price of bitcoin has recovered to $100,000 versus bitcoin after falling to around $90,000 earlier this month, with leaks revealing that Trump could be set to wreak havoc on the bitcoin price.
Now, as investors scramble to get ahead of the Federal Reserve, a new memecoin promoted through Trump on X and Truth Social has triggered expectations of a bombshell Trump inauguration.
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“My new official Trump meme is here! It’s time to celebrate everything we stand for: winning! Join my very special Trump community. Get your $trump now,” Trump’s X account posted alongside a link to a website that allowed users to buy the cryptocurrency and adding: “Have fun.”
The cryptocurrency was not immediately confirmed as official by non-social media channels, with many speculating Trump’s X and his Truth Social account that posted a similar message might have been hijacked by scammers. However, the post was not deleted even after additional posts appeared on Trump’s Truth Social account, suggesting he still controls it.
The memecoin—a type of cryptocurrency similar to bitcoin that derives value from the level of community interest and engagement—has been launched on the solana blockchain and has made 200 million of the Trump cryptocurrency available, with the supply set to grow to a total of one billion over three years, according to its website.
Trump’s memecoin reached a completely diluted market cap of more than $20 billion in just a few hours, according to on-chain data, eclipsing other popular memecoins and causing the value of other primary cryptocurrencies to plummet as traders sell them and buy Trump’s coin. Formation
Trump’s promotion of memecoin just days before his inauguration in Washington DC has caused a stir in the world of bitcoin and cryptocurrencies, and will cause greater volatility in the markets among investors and analysts.
“It’s crazy,” The Kobeissi Letter analysts posted on X. “What’s going on?”
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The price of Donald Trump’s new memecoin has surged, catapulting it toward the bitcoin and crypto … [+] major market.
“The incoming president of the United States just launched a meme coin days before his inauguration,” crypto investor and YouTuber Anthony Pompliano posted to X. “Financial markets are not ready for what is ahead—buckle up.”
“This is just a taste of what we can expect over the next 4 years,” crypto trader and YouTuber Ran Neuner posted on X, adding, “You’re positive enough. “
This week, a series of leaks advised that Trump getting ready to factor a series of executive orders that would shake up the crypto landscape in a while after his inauguration on Monday, January 20.
Meanwhile, executives from bitcoin and cryptocurrency corporations gathered in Washington on Friday for the so-called crypto ball, aimed at luring Trump inside the crypto network and proving its value to the new administration.
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