The price of Official Donal Trump (TRUMP) memecoin draws billions back on early Monday, as Bitcoin hits its all-time high price hours ahead of the inauguration of the 47th US president.
TRUMP Bounces Back After MELANIA Drop
Official Donald Trump’s memecoin, TRUMP, made another 65% jump early Monday, rising back to $63.50 after a steep 48.5% correction to a low of $38.39 on Sunday night.
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The Solana-based presidential token, launched on Friday, January 18, made history by amassing billions in market capitalization within hours over the weekend.
TRUMP, which entered the market at $10, surged in value, reaching an all-time high of $75.35 the following day and generating a nearly $15 billion market cap after major exchanges listed the coin.
TRUMP memecoin recovers after steep correction caused by MELANIA memecoin launch. Source: CMC
The TRUMP token dropped sharply on Sunday after the soon-to-be First Lady launched her own memecoin, Official Melania Meme (MELANIA), on January 19, causing a liquidity drain from TRUMP and many other altcoins.
Bitcoin Reaches All-Time High
Bitcoin spiked suddenly by 9.48%, reaching a new all-time high of $109,114 Monday morning, as Donald Trump’s inauguration approaches later today and expectations grow that he could establish a US Bitcoin reserve.
Bitcoin spikes hours ahead of Donald Trump’s inauguration on January 20. Source: TradingView
Samson Mow, a Bitcoin developer, posted on X , referring to the spike as a ‘God Candle.’ This term describes an unusually large and sudden price movement in a single candlestick, often signaling a strong trend reversal or continuation.
Why This Matters
The crypto market is pinning high hopes on Donald Trump’s inauguration, with expectations that the incoming US president will sign legislation granting more freedom to crypto industry players in the US, which could trigger a massive bull run in the near future.
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