Crypto Prices Soar as Trump Launches Meme Coin, Melania Follows Suit

Today, Bitcoin (BTC) reached a record-breaking peak, soaring beyond $105,000 to hit $109,350. This surge comes as anticipation for Donald Trump’s inauguration in the US grows. In the last 24 hours, BTC has seen a nearly 4% increase, reflecting growing optimism in the markets as we approach the inauguration day.

Currently, Ethereum (ETH) has bounced back from a temporary dip to settle around $3,366, marking an increase of almost 6%. On the other hand, Ripple (XRP)’s progress appears to have slowed down during the last day, causing it to drop by nearly 5% to $3.08. Similarly, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Tron (TRX), Stellar (XLM), Toncoin (TON), and Polkadot (DOT) have all experienced significant drops. This collective decline has caused the overall crypto market capitalization to dip by almost 4%, now standing at $3.51 trillion.

Donald Trump Meme Coin Sparks Market Frenzy And Concern

1. A few days before his inauguration, President-Elect Donald Trump introduced the TRUMP meme coin, causing a boom in the crypto market and raising ethical questions about exploiting the presidential office. The coin’s design is inspired by an event in Pennsylvania where Trump was attacked, and its introduction led to a buying craze among traders. As a result, the value of other cryptocurrencies declined while TRUMP’s meme token skyrocketed by 600%.

2. Just days before his inauguration, Donald Trump unveiled the TRUMP meme coin, leading to a spike in the crypto market and stirring debates about the misuse of the presidential office. The coin’s design is inspired by an event from Pennsylvania where Trump was targeted, and its launch caused a trading frenzy as investors rushed to buy the token. This surge may have slowed down other markets, with major cryptocurrencies experiencing losses while TRUMP’s meme token saw a 600% increase in value.

3. In the days leading up to his inauguration, President-Elect Donald Trump presented the TRUMP meme coin, triggering a flurry of activity in the crypto market and sparking discussions about possible misuse of the presidential office. The design for the coin draws inspiration from an event in Pennsylvania where Trump was attacked, causing a buying spree among traders. Consequently, other cryptocurrencies saw declines while TRUMP’s meme token soared by 600%.

4. On the brink of his inauguration, Donald Trump revealed the TRUMP meme coin, igniting excitement in the crypto market and bringing ethical concerns about the presidential office into focus. The coin’s design is based on an event from Pennsylvania where Trump was attacked, leading to a buying rush among investors. As a result, the value of other cryptocurrencies dropped while TRUMP’s meme token climbed 600%.

5. Shortly before his inauguration, President-Elect Donald Trump launched the TRUMP meme coin, resulting in a crypto market boom and fueling discussions about potential presidential office misuse. The coin’s design is inspired by an event from Pennsylvania where Trump was targeted, leading to a buying frenzy among traders. This surge may have slowed down other markets, with major cryptocurrencies experiencing losses while TRUMP’s meme token surged 600%.

In simple terms, it appears that CIC Digital LLC, a company linked to the Trump Organization, is offering a digital token for sale. According to the token’s official website, CIC Digital LLC and its related entities currently possess approximately 80% of the total supply of these tokens. This large portion will be distributed gradually over the course of the next three years.

In my professional perspective, this action taken has sparked substantial ethical questions within the financial community. These experts believe that it’s an attempt to capitalize on the presidential office. Consequently, ethics lawyers have expressed their disapproval. Adav Noti, the Executive Director of Campaign Legal Center, articulated this viewpoint clearly.

They are essentially profiting off of the presidency by creating a financial tool for people to donate money to the president’s family, which is directly linked to his role as president. This is highly unusual.

Crypto venture capitalist and former executive at Coinbase, Nick Tomaino, stated,

It’s questionable and potentially harmful that Trump controls 80% of something and decides to release it so close to his inauguration. Many people may end up suffering as a result.

People from the broader community have expressed concerns and posed multiple questions regarding the token’s nature and its planned release, suggesting that Trump may be exploiting his upcoming role for financial gain.

Melania Trump Launches Meme Coin

After the introduction of the TRUMP meme currency, Melania Trump, the incoming First Lady, introduced her own meme token, named MELANIA, on January 20th. This new meme coin experienced a 50% decrease in value shortly after its launch. Despite this, the MELANIA token garnered significant attention and rapidly reached a market capitalization of $5 billion. However, the effect on the TRUMP token’s value was only temporary.

Bitcoin (BTC) Price Analysis

Over the weekend, Bitcoin (BTC) breached a crucial resistance point, indicating a return of bullish energy and increased enthusiasm among traders. Despite encountering strong selling pressure, BTC managed to close above this resistance at approximately $101,000 on Sunday. This move indicates a change in market sentiment. The technical analysis of BTC has also improved due to this breakthrough, with analysts optimistic about future price increases. Previously, Bitcoin’s falling trendline served as a tough barrier for price growth. However, the breakout above this trendline has resulted in a shift, causing the price to reach an intraday peak of $106,552 before dropping back slightly to its current level. The surge suggests that buyers have regained control following a prolonged period of consolidation. As bullish sentiments continue to build, Bitcoin reached a new record high of $109,350 during the current session but has since dipped and is trading around $108,362.

During the second week of January, Bitcoin dropped below both its 20 and 50-day moving averages. By January 9, it reached a low of $91,298, but bounced back the next day to close at $94,818. The weekend was a mixed bag for Bitcoin, with a slight drop on Saturday and a slight increase on Sunday, ending the weekend at $94,585. On Monday, Bitcoin plunged below $90,000, reaching an intraday low of $89,397 before recovering to reclaim $90,000 and closing at $94,492 with a minor increase. On Tuesday, Bitcoin rose above its 20-day moving average after a 2.19% increase, ending the day at $96,566. Bullish sentiment grew stronger on Wednesday as Bitcoin surpassed its 50-day moving average following an almost 4% rise and closing at $100,051. However, it fell again on Thursday, reaching an intraday low of $97,094 before settling at $99,798. The 20-day SMA was reclaimed by Bitcoin on Tuesday.

In simpler terms, the buyers aim to maintain dominance and propel Bitcoin beyond $110,000, while the sellers seek to regain control, potentially causing Bitcoin’s price to drop below $100,000.

Ethereum (ETH) Price Analysis

Over the weekend, I witnessed a substantial dip in Ethereum (ETH) prices, despite attempts by buyers to regain momentum on Sunday. The price dipped close to the $3,100 support level before the buyers stepped in to prevent further decline, pushing ETH back up to $3,200. However, the resistance at $3,500 seems insurmountable, as evident from the chart.

The previous weekend began on a relatively positive note for me, with ETH registering a marginal increase on Saturday, despite market volatility, closing at $3,283. But the optimism was short-lived, as ETH turned red on Sunday, dropping 0.53% to $3,266. The selling pressure escalated significantly on Monday, causing ETH to plunge to an intraday low of $2,927. Yet, the buyers seized the opportunity and bought the dip, allowing me to recover my investment and reclaim $3,000. ETH ended Monday at $3,137, marking a nearly 4% decrease in value.

I was hopeful for recovery on Tuesday as ETH surged almost 3%, reaching $3,226. Bullish sentiment intensified on Wednesday as ETH moved past the 20-day SMA and peaked at $3,450. However, the optimism waned on Thursday, with ETH dropping just over 4% to fall below the 20-day SMA and settle at $3,308.

On Friday, investors returned to the market as Ethereum (ETH) climbed almost 5%, surpassing its 20-day Simple Moving Average (SMA) and ending at $3,473. However, a barrier at $3,500 was encountered, causing ETH to fall nearly 5% on Saturday, dipping below the 20-day SMA and settling at $3,305. On Sunday, buyers made an effort to rebound, pushing ETH up to a high of $3,446. Unfortunately, it was unable to maintain this level, dropping nearly 3% to a low of $3,127 before ending the day at $3,212. As we enter the current session, buyers are trying to push the price above the 20-day SMA and challenge the resistance around $3,500 once more.

Solana (SOL) Price Analysis

As a crypto investor, I witnessed Solana (SOL) reaching an unprecedented peak on Sunday, soaring past the $250 mark to hit an intraday high of $295, only to experience a significant dip afterwards. The previous week was bullish for SOL as it surged beyond crucial resistance points and moving averages. Last weekend, however, SOL saw minimal growth, with just slight increases on Saturday and Sunday that ended its run at $188. On Monday, there was a steep decline in SOL’s value, dipping to an intraday low of $169 and momentarily falling below the 200-day Simple Moving Average (SMA). It managed to bounce back from this level, reclaiming $180 before settling at $182. However, there was a recovery on Tuesday as SOL rose by 2.58%, closing the day at $187.

On Wednesday, a strong bullish trend emerged for SOL as it surpassed its 20-day Simple Moving Average (SMA) and the $200 mark, gaining almost 10% to reach $205. The price of SOL showed signs of instability on Thursday as both buyers and sellers vied for control. Nonetheless, buyers managed to take charge, pushing SOL past its 50-day SMA and ending the day at $211.

SOL continued its upward trend on Friday, increasing by 4% to hit $219, with buyers maintaining their stronghold. The price of SOL soared dramatically on Saturday, rising an impressive 19.19% to close at $261. On Sunday, SOL reached a new record high of $295 as bulls targeted $300. However, the momentum faltered after reaching $295, enabling sellers to regain control. This led to a dip in SOL’s price, reaching an intraday low of $237 before settling at $252.

During the current session, sellers have been trying to drive SOL below the $200 mark, causing it to drop to an intraday low of $228. However, SOL has managed to recover from this level and is currently experiencing a slight increase of over 2%, trading around $256.

Ripple (XRP) Price Analysis

Last Saturday saw Ripple (XRP) bounce back from its 20-day Simple Moving Average (SMA), climbing up to $2.57. However, it took a dip on Sunday, dropping approximately 3% to $2.50. The price plunged to an intra-day low of $2.33 on Monday as selling pressure escalated. Remarkably, XRP managed to rebound from this level, registering a slight growth and ending the day at $2.52. The price continued to ascend on Tuesday, rising nearly 6% to reach $2.66. On Wednesday, bullish sentiment grew stronger as XRP soared almost 18%, surpassing $3 and settling at $3.14. The cryptocurrency showed significant volatility on Thursday as both buyers and sellers fought for control. Consequently, the price dipped to an intra-day low of $2.92 and peaked at an intra-day high of $3.39 before ending the day at $3.24.

On Friday, buyers held the upper hand as XRP increased by 1.50%, reaching $3.29. Yet, over the weekend, XRP lost traction, dipping to a low of $3.05 before rebounding and ending at $3.26, marking a drop of 0.81%. The negative trend escalated on Sunday, with XRP plunging almost 10% to slip beneath $3, settling at $2.95. Nevertheless, the current session sees buyers regaining control, pushing XRP up by close to 9%, trading around the $3.20 mark.

Algorand (ALGO) Price Analysis

Last week, Algorand (ALGO) started trading at a lower price and dropped below its 20-day Simple Moving Average (SMA) by the end of Sunday, settling at $0.361. The downward trend continued on Monday with ALGO reaching an intraday low of $0.324 before ending at $0.349. However, Algorand recovered significantly on Tuesday, jumping approximately 7% and surpassing both the 20-day SMA and a key resistance level to close at $0.372. The bullish sentiment became more pronounced on Wednesday as ALGO went above the 50-day SMA after rising over 19%, reaching $0.444. Buyers maintained control throughout Thursday, causing ALGO to increase nearly 5% and reach $0.464.

On Friday, optimism about ALGO decreased as it reached a peak of $0.496 but couldn’t surpass $5 due to selling activity. The closing price was $0.468, showing only a minimal gain. Pessimism resurfaced on Saturday when the price fell by more than 5% to $0.444. Selling pressure increased significantly on Sunday, causing ALGO to dip 10.55%, falling below its 50-day moving average and $0.40 mark to settle at $0.397. However, during the current trading session, ALGO has experienced a robust recovery, rising over 16% and reclaiming its 50-day moving average. At present, ALGO is being traded around $0.463, with investors aiming to push it towards the $0.50 level.

Injective (INJ) Price Analysis

Last week, Injective (INJ) began with a bearish trend, plummeting to $18.52 on Monday but quickly bounced back and recouped the $20 mark, ending at $20.10, marking a 3.44% decline overall. The tone shifted on Tuesday, causing INJ to surge by 5.35%, reaching $21.18. On Wednesday, bullish sentiment intensified significantly as INJ soared nearly 9%, moving past its 20 and 200-day Simple Moving Averages (SMAs) to reach $23.06. However, it experienced a minor setback on Thursday, shedding 1.64% to close at $22.68.

On Friday, optimistic feelings emerged as INJ surged more than 9% to reach $24.76. However, it peaked at an intraday high of $26.01 and lost momentum, eventually dipping into negative territory over the weekend. Specifically, on Saturday, it dropped by 3.55%, and on Sunday, it plummeted over 13%. This caused INJ to fall below its 20-day and 200-day moving averages, as well as a significant support level to $20.66. In the current trading session, INJ has rebounded by more than 12%, currently being traded around $23.22.

Bittensor (TAO) Price Analysis

Over the weekend, Bittensor (TAO) experienced a significant downturn, dipping below crucial points and moving averages. Since last Monday, TAO’s price fluctuations have been unpredictable, with a dramatic plunge on that day causing it to drop beneath the 200-day Simple Moving Average (SMA) to an all-time low of $384. However, it managed to bounce back from this level and reclaim $400, failing to surpass the 200-day SMA, ending at $420 instead. TAO continued its descent on Tuesday, losing almost 1% to reach $416. But on Wednesday, it made a comeback, rising more than 10% and crossing the 200-day SMA before settling at $459. Unfortunately, TAO fell again on Thursday, dropping by slightly over 3% to $445.

On Friday, the market saw a return of buyers as TAO surged about 9%, surpassing its 20-day Simple Moving Average (SMA) to reach $485. However, selling activity resurfaced over the weekend, causing TAO to plummet approximately 6% on Saturday, falling below the 20-day SMA and settling at $456. On Sunday, there was an attempt by buyers to recover the losses, with TAO reaching a high of $486 intraday. The momentum waned after this point, leading to another drop of 6.61%, pushing TAO below its 200-day SMA to $426. As of the current session, TAO has rebounded above the 200-day SMA, rising more than 6% and trading around $452.

2025-01-20 16:10