TRUMP memecoin slid around 50% after President Donald Trump made no crypto-related announcements on his first day in office. CryptoSlate data shows the token peaked near $70 over the weekend, then dropped to about $35 following the inauguration. Its market capitalization briefly exceeded $15 billion before declining to $7.8 billion as of press time.
A wallet linked to the Trump team holding 80% of the memecoin supply currently holds $31 billion worth of TRUMP.
Trump signed multiple executive orders on energy, border security, immigration, infrastructure, and more but did not address a promised Bitcoin strategic reserve or reverse the prior administration’s policies, known by some as Operation Chokepoint 2.0. He pardoned 1,500 January 6 protesters, including Oath Keepers and Proud Boys but Ross Ulbricht of Silk Road remains incarcerated. Trump promised to free Ross on day one.
Polymarket’s odds of a day-one executive order peaked around 60%, while the odds of a Bitcoin reserve in the first 100 days collapsed to just 30%.
Bitcoin hovers near $103,000 on Tuesday, down from a recent high of $109,300 reached on Inauguration Day. The industry had anticipated signals regarding Trump’s specific policies on digital assets, but no statements were made.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
