The post Is Official Trump (TRUMP) a Boon or Bane for Crypto Markets? appeared on BitcoinEthereumNews.com.

Aside from the upcoming inauguration, which is scheduled to take place on January 20, Donald J. Trump managed to capture the crypto community’s attention via a very surprising and extraordinary move made on Friday evening. The meme coin that he and his team launched and promoted has skyrocketed in a spectacular fashion, becoming the second-largest in its field. Is that good or bad for the overall meme coin landscape and crypto as a whole? The Bad It has been less than two full days, but Official Trump, going under the ticker TRUMP, has become a top 20 altcoin on CoinGecko and CoinMarketCap and is even close to cracking into the top 10 on the latter. Its market capitalization has shot up to nearly $15 billion on CMC, and it could be even higher by the time you read this article. This is a spectacular and never-before-seen type of surge for a cryptocurrency. It literally went from 0 to (almost) 100 in less than a whole weekend, making multiple savvy traders overnight millionaires. Its story continues to amaze even the most experienced crypto market participants, as it is now the second-largest rep of the meme coin space, which was already quite overcrowded. But its rise has been met with the demise of many alternatives. CoinGecko’s meme coin chart shows that almost all competitors have bled out since TRUMP’s launch on Friday evening. On a daily scale, DOGE is down by over 9%, SHIB has plummeted by 10%, and PEPE has slumped by over 16%. This only goes to show that crypto, and meme coins in particular, is a dog-eat-dog world. And the biggest and ‘baddest’ now is the Donald Trump-backed rep, which is taking everyone down. The Good Although it’s true that most meme coins, and even altcoins as a whole,…

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Filed under: News - @ January 19, 2025 12:22 pm