During Donald Trump’s first 100 days back in office, the cryptocurrency market experienced notable movements.
The TRUMP memecoin saw significant price fluctuations, driven by Trump’s actions and statements which garnered widespread attention in the market.
Price Surges and Political Impacts
Coinciding with Trump’s term, the launch of the TRUMP memecoin initially sparked significant investor interest, leading to a rapid increase in its value. However, this rally was short-lived as market uncertainties led to price declines once more.
The crypto community closely monitored Trump’s crypto-friendly stance. Key developments during this period included a $500 billion investment in artificial intelligence, pardon of the Silk Road founder, a harsh stance on central bank digital currencies (CBDCs), and the formation of a crypto-backed working group. Each of these contributed to positive or negative market reactions.
Trump’s performance of the “Trump dance” at an event marking his 100th day in office received considerable attention on social media, boosting interest in the memecoin. This increased interest quickly reflected in the prices.
Exclusive Dinner Announcement and Market Dynamics
The announcement of a special dinner hosted by Trump caused an unexpected price surge in the market. TRUMP coin appreciated by approximately 60% following the event announcement. However, some groups speculated that the event aimed to manipulate investors, calling for an investigation.
Technical analysis of the coin suggests that the upward trend is not yet over. Experts predict a short-term target range of $25 to $45, with long-term valuations possibly exceeding $60. These predictions are cautiously considered due to market volatility.
A recent 7% decline within 24 hours indicated a price contraction. On-chain data showed active involvement from Trump’s team in token transfers, raising concerns about potential market manipulation.
Maintaining a price above $15 is seen as a critical threshold for sustaining upward momentum. Analysts emphasize that uncertainties may persist in both short and long term. Factors such as US-China trade tensions and global supply chain issues weigh on investors’ risk appetites.
In Trump’s first 100 days, the crypto market exhibited a dynamic yet uncertain landscape. As political developments triggered direct market responses, the speculative nature of memecoins was once again highlighted.