#Trump's Inauguration Leads to Crypto Market Plunge#
Hot Topic Overview
Overview
On the eve of Trump's inauguration, the launch of TRUMP and MELANIA meme coins by him and his wife Melania triggered a dramatic fluctuation in the crypto market. TRUMP coin surged to a market cap of $14 billion at one point, but then plummeted after the launch of MELANIA coin. The Solana network hit a record $33.3 million in daily transaction fees due to the surge in trading volume. The event is seen as the beginning of a new era for crypto regulation in the United States, with some analysts suggesting that the Trump family's meme coin issuance indicates the US government views cryptocurrency as a technology for direct public engagement. However, there are also concerns about the risks and volatility brought about by this celebrity effect, and investors are reminded to stay rational.
Ace Hot Topic Analysis
Analysis
The dramatic drop in the crypto market following Trump's inauguration has sparked widespread attention, with the market reacting strongly to the launch of the TRUMP and MELANIA meme coins by the Trump family. TRUMP coin surged to a market capitalization of over $10 billion within just 30 hours, but subsequently crashed after Melania launched her own coin. The Solana network became congested due to the massive volume of transactions, leading to record-high daily transaction fees. Experts believe that the Trump family's coin launch marks the dawn of a new era of crypto regulation in the US, with the government potentially viewing cryptocurrency as a tool for direct engagement with the public. Simultaneously, the event has fueled discussions about the risks and regulatory issues surrounding celebrity coins. The sale of ETH by the Ethereum Foundation has also garnered market attention, with its fund usage and future direction subject to speculation. Overall, the crypto market crash following Trump's inauguration reflects the market's high volatility and uncertainty, while also signaling the new challenges and opportunities that the crypto industry will face in its future development.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Trump's coin issuance event marks the arrival of a new era of US crypto regulation, with the government viewing cryptocurrencies as a technology for direct public engagement.
Trump's coin issuance event is a major boon for the US crypto industry, sending a signal that 'it is safe to build and issue tokens in the United States'.
Trump's coin issuance event could trigger a review of the 'Foreign Emoluments Clause' in the US Constitution, and the crypto market may face a new round of regulatory challenges.
Trump's coin issuance event could lead to more cryptocurrencies entering the financial mainstream, but investors should be careful not to be swept away by a wave of speculation.