Trump’s Family Memecoin Mania, and the Crypto Market Rise and Fall - January 20, 2025
Also, changes on the Ethereum Foundation, and BTC tasting new resistance levels.
TL;DR: Crypto Insights in Seconds
BTC: The token tested new highs reaching $106K before dropping to $100K.
Trump: Release a memecoin that grew 300% in less than 24 hours.
Solana: Reached a new ATH touching $295 before dropping drastically to $235.4
Melania: Melania Trump launches her own memecoin, causing a 48% drop to $TRUMP.
Crypto.com: Closer to have MiCA license and enter EU's markets.
Buterin: Announces changes in Ethereum Foundation leadership.
SEC: Gensler departure from the agency sparked a rise in ETF submissions.
Price Update
BTC Tested Resistance Levels and Drops Later
During the weekend, the token tested new resistance levels, reaching the $106K mark. Later, on Sunday, due to uncertainty and major liquidations across all the market, the token fell to the $100K mark again.
Trump Memecoin Madness
Donald Trump’s launched an official memecoin that reached a $13.5 billion market cap and in less than 24 hours it reached the $35 mark before crashing 48%. The market recovered quickly, and the token reached a new ATH touching $79, followed by a major drop to $37. This has sparked criticism from the community, ones mentioning that more than 50% of the token belongs to one wallet, and others concerned about how the memecoin could hurt wider crypto adoption possibilities.
Solana Reaches New Heights Amid Memecoin Craze
Solana hit a new all-time high reaching the $295 mark as decentralized exchange (DEX) tokens surged during the Trump memecoin frenzy. The token $TRUMP was launched on Solana, giving the token another boost. During liquidations, the price fell to $230.
Trump’s Memecoin Rally
The Trump Effect on Bitcoin and Stocks
Former President Donald Trump credited his economic policies for the recent Bitcoin all-time highs and a surging stock market. This self-attributed "Trump Effect" has drawn mixed reactions from the crypto community, especially as his memecoin make headlines.
Melania Trump's Memecoin Launch Shakes Market
Melania Trump has launched a memecoin called MELANIA, causing Trump's memecointo drop nearly 48% before rebounding. MELANIA’s launch features similar tokenomics but shorter vesting periods compared to Official Trump. Critics, including Monad's Kevin McCordic, questioned the strategy, citing potential mismanagement. The token quickly hit a $5.69 billion valuation, fluctuating wildly since.
Crypto Reacts to Trump Memecoins
The launch of Trump-themed memecoins has elicited a spectrum of responses from the crypto community, ranging from bullish enthusiasm to skepticism about their long-term impact on the market. Some see it as a sign of crypto's cultural relevance, while others worry it detracts from blockchain's serious use cases.
Regulatory and Legal News
Crypto.com Moves Closer to MiCA Compliance
Crypto.com has secured in-principle approval for a MiCA license, which could be a significant step towards compliance with the EU's Markets in Crypto-Assets regulation. If approved, Crypto.com will position itself as a leading platform in the European crypto market.
Don’t Miss Anything
Buterin Reshapes Ethereum Foundation Leadership
Ethereum co-founder Vitalik Buterin has announced significant leadership changes within the Ethereum Foundation to ensure a more decentralized and sustainable governance structure. The changes seek to streamline decision-making and focus on upcoming network upgrades, solidifying Ethereum's position as the leading smart contract platform.
Gensler's Departure Spurs ETF Optimism
Reports of SEC Chair Gary Gensler's imminent resignation have sparked a surge in crypto ETF submissions. Industry players are optimistic that leadership changes at the SEC could pave the way for a more crypto-friendly regulatory environment, potentially accelerating approvals for Bitcoin and Ethereum ETFs. During this week we could see developments about Solana ETFs.
This weekend news highlights the dynamic nature of the crypto market, from high-profile leadership shifts to the memecoin phenomenon reshaping blockchain narratives. As Solana and Trump-branded projects drive market activity, regulatory changes and new licenses indicate a maturing industry preparing for mainstream adoption. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
