Former US President Trump held a victory rally in Washington, D.C.'s Capital One Arena on the eve of his inauguration, where he discussed the reasons for Bitcoin's consecutive new highs, attributing it all to the "Trump effect". After Trump launched the TRUMP meme coin on 1/18, the coin price skyrocketed, and many in the crypto community rode this wave to early retirement, though opinions on it are mixed.
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ToggleThe pre-inauguration victory rally was a grand affair, with the Trump effect sweeping the crypto market
Since Trump publicly supported crypto and promised to establish crypto-friendly regulations, Bitcoin has broken the $100K mark for the first time, boosting the entire industry and making everyone optimistic about its future development.
At the victory rally held by Trump on 1/20 at the Capital One Arena in Washington, D.C., he publicly stated that Bitcoin has set new highs time and again, all thanks to the "Trump effect". This statement was met with thunderous applause from the audience.
Trump launched a meme coin before his inauguration, causing a frenzy, with mixed reviews from the public
Before his inauguration, Trump also launched the TRUMP meme coin to hype it up, with one TRUMP token reaching a high of $73, and the daily trading volume even soaring to $25.9 billion. Some in the crypto community also rode this wave and became wealthy.
However, the TRUMP rally was short-lived, and the price has now dropped to $48.
Many netizens believe that the TRUMP coin frenzy is a joke to short. But there are also those who oppose it. Bitcoin Magazine, one of the sponsors of Trump's crypto ball, has actually reversed its supportive stance and tweeted: "TRUMP coin is as worthless as shit."
The crypto advocacy organization Coin Central also advised the public that while there is evidence that Trump's issuance of the TRUMP meme coin is legitimate, it is unknown whether it is a scam, and investors should exercise caution and do their due diligence before investing.
(Lost Ethereum? A new investment paradigm: TRUMP drives SOL, bypassing ETH into the altcoin season)
Risk Warning
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