#Trump token plummets#
Hot Topic Overview
Overview
Trump and Melania's meme coins plummeted 60% after Trump's inauguration, driven by massive profit-taking. While the market was anticipating a potential mention of cryptocurrencies in Trump's inaugural address, Bitcoin fell from above $109,000 on Monday to just over $101,000 in early Asian trading on Monday due to the lack of relevant wording. Former Coinbase CTO Balaji Srinivasan warned investors to avoid tokens that don't create wealth, calling Trump and Melania's meme coins a "zero-sum lottery." Mark Cuban believes Trump's meme coin is a "selfish" disaster, endangering the legitimacy of crypto. Despite this, some institutional investors remain optimistic about Trump's pro-crypto stance, believing it will drive the cryptocurrency market forward.
Ace Hot Topic Analysis
Analysis
The crash of the TrumpCoin is mainly due to its price plummeting after Trump's inauguration, indicating investors taking profits after the event. Although TrumpCoin attracted significant attention and trading volume upon its release, the absence of any mention of cryptocurrencies in Trump's inaugural speech, which also led to a drop in Bitcoin's price, further fueled the selling pressure on TrumpCoin. Furthermore, TrumpCoin itself lacks intrinsic value, its price is highly volatile, and it is susceptible to market sentiment. Some experts have also criticized TrumpCoin as a "zero-sum lottery," warning investors against blind investment and pointing out the potential for total loss. The crash of TrumpCoin has also raised concerns about the riskiness of meme coins and their potential impact on the legitimacy of cryptocurrencies.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The plunge of Trumpcoin is attributed to profit-taking after the inauguration, with investors disappointed by the lack of mention of cryptocurrency in Trump's inaugural address.
The decline of Trumpcoin also reflects the inherent riskiness of meme coins, which often lack intrinsic value, are highly volatile, and susceptible to market sentiment.
The plunge of Trumpcoin has also sparked concerns about whether meme coins could damage the legitimacy of cryptocurrencies, with some arguing that the hype around meme coins could make the crypto market more chaotic and unstable.
The decline of Trumpcoin also reflects the cautious attitude towards tokens launched by political figures, with investors concerned that these tokens could be used for political manipulation or fraud.