Largest Cryptocurrency Reaches New Highs on Donald Trump’s Inauguration ????️
Bitcoin is currently up 7.80%, trading at $109,000, after crossing $102,000 in just a few minutes.
It is certain that the positive sentiment supports investors on this day of Donald Trump’s inauguration, especially since the president himself assured this weekend that he had ambitious plans for this market. However, it seems that these assurances alone are not enough to explain such a movement. It is therefore possible that non-public information regarding the new administration’s Bitcoin-related plans has leaked into the market. Speculation naturally focuses on the possibility of a strategic Bitcoin reserve that the US government could establish. Investor hopes are being boosted by additional statements from the presidential family, suggesting the weekend’s events are just the start of ambitious plans for the cryptocurrency market.
Key events of the weekend:
-- On Friday evening, Donald Trump unexpectedly announced the launch of his memecoin, Official Trump, which reached a fully diluted valuation (FDV) of $75 billion in 48 hours. Currently, only 20% of tokens are in circulation, which is an unusual scenario for memecoins. The remaining 80% is owned by companies associated with Trump and will be gradually released to the market over the next three years.
- An indirect beneficiary of this situation has been Solana, as Trump chose this blockchain for his memecoin. In two days, Solana reached a new all-time high (ATH) of $295 per token, gaining nearly 50% in 48 hours.
- World Liberty Financial (WLD) purchased over $20 million worth of Ethereum over the weekend. Additionally, WLD officially launched the sale of its tokens, 25 billion tokens priced at $0.05 each, ahead of its planned ICO.
- On Sunday evening, Melania Trump, Donald Trump’s wife, announced her own memecoin, currently valued at $13 billion.
Today, Bitcoin is breaking new all-time highs, confirming the next wave of the uptrend that began in October 2024 for this cryptocurrency. The closest technical support levels remain the 50-day and 100-day exponential moving averages (the blue and purple lines on the chart, respectively).
Source: xStation
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