Crypto markets shaken by the Trump memecoin

The past weekend has added a pinch of volatility to the markets.

The crypto market has been shaken by the Trump meme coin launched last Friday, ahead of the inauguration of the President-elect today. That’s not all! The Melania Coin was also officially released as a rival, with both coins witnessing massive sell orders.

What does the Trump meme coin stand for? It’s an image of Trump pumping his fist, inspired by the assassination attempt in July. So, is he leveraging on emotions? Trump is expected to issue new policies that would loosen crypto regulation and raise the price of some cryptocurrencies.

In terms of market cap, $trump reached $8 billion, surging over 300% within hours, but quickly erased $7.5 billion, following the release of the Melania meme coin.

How long will this craze last? Only time will tell.

*Source: Forbes and the Washington Post

**SquaredFinancial does not offer the instruments mentioned in this article

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