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Bitcoin Hits Record High Amid Trump Meme Coin Frenzy and Inauguration Buzz

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the staff of the Ridgewood blog

Ridgewood NJ, Bitcoin surged to a new all-time high, fueled by the excitement surrounding the inauguration of incoming President Donald Trump and the unexpected launch of meme coins by the first couple. The flagship cryptocurrency climbed as high as $109,350.72 before settling near $106,622.54, marking nearly a 1% gain on Monday, according to Coin Metrics.

Tim Kravchunovsky, founder and CEO of Sui-based DePIN Chirp, says:

“Today is a huge day for the cryptocurrency industry. We’re about to see the most crypto-friendly and technologically advanced administration in the history of the United States – backed by Elon Musk himself. The crypto industry has rallied behind Donald Trump as a presidential candidate, and Friday’s Crypto Ball was supported by many industry heavyweights, including our partners Mysten Labs and our home blockchain, Sui.

And the ball didn’t disappoint, becoming the launchpad for the $TRUMP memecoin on Solana. The huge inflows into this memecoin show the extent of this administration’s power to turn around the negative perception of cryptocurrency and finally make it a mainstream asset. It’s clear that this is the beginning of an entirely new era for crypto in the US.

I’m thrilled that we are about to launch our $CHIRP token into this incredibly positive environment. I fully expect Trump to double down on crypto in his speech today and to push through pro-crypto policies as a matter of priority. Apart from positioning him as a man of his word, this would also be an easy win for the beginning of his presidential term and ensure ongoing support from crypto stalwarts throughout his time in office. Trump is a smart man and I don’t think he will want to miss this opportunity.”

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Trump Meme Coin Mania: A Game Changer

Over the weekend, Donald Trump launched the “Official Trump” meme coin, which skyrocketed to a $10.6 billion market cap, surging over 659% since its debut Friday night. The cryptocurrency reached a peak of $73 per coin but dropped 27% following the launch of Melania Trump’s own “Melania” meme coin on Sunday.

The Melania Meme Coin quickly gained traction, reaching a $1.3 billion market cap and rising 14% in value within its first trading day. Trading volumes for the Melania coin hit $7.3 billion in the last 24 hours, while the Trump coin recorded $31 billion in trading activity.

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How the Meme Coins Impacted Bitcoin

Although meme coins are considered a volatile segment of the cryptocurrency market, their launches generated enthusiasm among traders and added to the growing anticipation of a pro-crypto Trump administration.

Market strategist Joel Kruger of LMAX noted:

“President Trump’s embrace of crypto, including meme coins, signals a supportive stance toward the industry, positioning the U.S. as a key player in the space.”

Noelle Acheson, economist and author of Crypto is Macro Now, echoed these sentiments, calling the meme coin drops a net positive and an indicator of Trump’s forward-thinking approach to markets and innovation.

Harrison Seletsky, director of business development at digital identity platform SPACE ID, says:

“The success of the $TRUMP memecoin, officially launched at the pre-inauguration Crypto Ball on Friday, is truly mindboggling. Over the weekend, this Solana-based meme snowballed into a behemoth with a $70 billion fully diluted valuation (FDV), pumping SOL and a bunch of Solana-based tokens in the process. It’s now the second-largest meme token in the market.

What we’re seeing right now shows just how much sway Donald Trump has in the crypto market and how much the web3 community has pinned its hopes on a crypto-friendly US administration. I truly hope that Trump doesn’t disappoint because expectations are high, and high expectations often go hand in hand with volatility. Everyone is hoping for some big announcement during his speech later today.

It’s also fascinating to see the success of this memecoin compared to his NFT collection, which hasn’t garnered nearly as much interest, further cementing memecoins as the go-to vehicle of speculation in the current crypto market. With some people turning pocket change into millions in sometimes a matter of hours or days, memecoins have captured the attention of this current cycle, and the mania around $TRUMP has solidified that.

But it’s very important not to forget that memecoins are inherently speculative assets with no intrinsic value, so $TRUMP may well plummet just as quickly as it soared, especially over time once the initial hype quiets down.”

Bitcoin and the Broader Crypto Market

Bitcoin’s rally last week was sparked by rumors of a possible executive order declaring cryptocurrency a national interest. According to Gracy Chen, CEO of crypto exchange Bitget:

“Optimism about crypto-friendly policies is driving Bitcoin’s price. While the Trump family meme tokens diverted some capital, Bitcoin’s price would likely have risen even more without their launch.”

Other major cryptocurrencies saw mixed results:

  • Solana (SOL): Down 7% on Monday but up 15% since Saturday, benefiting from the Trump coin launch on the Ethereum-alternative blockchain.
  • Ethereum (ETH): Lost 5% since Saturday amid shifting market dynamics.

Bitcoin’s Road Ahead

With Bitcoin breaking records, analysts are eyeing a potential price extension to $130,000. Kruger emphasized that the ongoing developments in the cryptocurrency space, combined with the new administration’s pro-crypto signals, could pave the way for further growth.

Conclusion

The intersection of political developments and cryptocurrency has created a unique moment in the market. As Bitcoin continues to climb and meme coins capture the public’s imagination, the crypto world eagerly anticipates how the Trump administration will influence the future of digital assets.

 

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4 thoughts on “Bitcoin Hits Record High Amid Trump Meme Coin Frenzy and Inauguration Buzz

  1. The boss is back, thank God we got a president with us at a balls.🫵🏼

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    1. You certainly sound intelligent.

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      1. Sounds like he likes balls.

  2. I see Melania’s has a crown on it. Where’s Donald’s?

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