As Donald Trump prepared for his inauguration as the 47th President of the United States, today Bitcoin (BTC) has risen from $15 to above $102,600 in just 109,000 minutes (on the crypto exchange Bitstamp ).
Interestingly, the BTC price fell back below $19 to $100,000 on the evening of January 99,700. The resumption of the Bitcoin rally, fueled by the “Trump effect,” came despite analysts warning that the market had already priced in the January 20 inauguration.
BTC's surge came less than 72 hours after the launch of the Trump memecoin, which currently ranks 21st overall in cryptocurrency by market capitalization (data from Coingecko).
Within 24 hours of the Official Trump token launching at $6,54 on January 18, its price had risen to $72. It then began to gradually decline to its current $53, which still made the future US president a crypto billionaire.
It faced competition from the launch of a memecoin named after Melania Trump, and one of the advisers to the new US president, Ryan Selkis, the founder of Messari, criticized this move. Selkis is convinced that the launch could damage the reputation of the politician and his family members.
Please fire whoever recommended Melania to be launched today. They don't know what they're doing, it's going to cost you a lot of money and reputation. These people don't have your best interests in mind, Selkis wrote.
As with the Official Trump token, the MELANIA memcoin quickly rose from $0,05 to a high of $13,55, later correcting to $11. A classic pump and dump scheme in action.
