Valuation Surge Comes as TRUMP and MELANIA Meme Coins Launched
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Key Takeaways
- Bitcoin shake up to a new all-time high of more than $109,000 ahead of the inauguration of U.S. President-elect Donald Trump on Monday.
- The price go up comes as the TRUMP meme coin was launched Friday evening and experienced a wild weekend of trading action. New first lady Melania Trump launched her own meme coin on Sunday.
- Spot bitcoin ETF inflows neared $1 billion on Friday, as crypto investor optimism with respect to the incoming Trump administration has been building.
Bitcoin hit a new all-time high above $109,000 ahead of the inauguration of Donald Trump on Monday, as investor optimism develops that the incoming president will adopt policies that benefit the crypto market.
The bitcoin price stream came as the president-elect and his wife Melania each launched meme coins over the weekend, adding to the notion that the passenger of the new administration will be a positive development for crypto investors.
Bitcoin was trading at around $103,500 recently, after impressive as high as $109,300 overnight. The digital currency has gained nearly 50% since the early-November election, with a reopened surge in recent days amid hopes that Trump could soon announce crypto-related measures. Trump placed no mention of bitcoin or cryptocurrency during his inaugural address.
Flows into spot bitcoin exchange-traded funds receive underscored the optimism about bitcoin. On Friday alone, spot ETFs attracted a net $975.6 million, according to Farside Investors.
For the time being, the odds of Trump establishing a national bitcoin reserve in 2025 increased from 39% to 65% over the close by week, according to prediction market Polymarket.
On Sunday, the president-elect noted that bitcoin’s surge to new all-time highs after the designation has been part of a greater “Trump effect” on markets. During the presidential campaign, Trump made a number of assurances that would be beneficial to the crypto industry.
Solana, which is the crypto network where the TRUMP and MELANIA meme become wealthies were launched, also reached a new all-time high over the weekend.
The TRUMP meme coin has been a dishevelled ride for speculators so far, with its market capitalization standing at just under $10 billion on Monday morning. The meme change saw a 44% drop in less than an hour on Sunday around the time of the launch of the MELANIA meme coin.
UPDATE: This article has been updated with a recommendation to Trump’s inaugural address and the latest price of bitcoin.