President Donald Trump’s launch of a controversial memecoin in January may have played a significant role in the recent peak of the Bitcoin (BTC) and overall cryptocurrency market, according to macro strategist Jim Bianco.
Bianco, who serves as the president of Bianco Research, shared with his 443,700 followers on X that Bitcoin reached its all-time high of approximately $109,000 in January, shortly after Trump introduced his official memecoin. However, BTC has since experienced a downturn, with an almost 8% drop in the past 24 hours and over 7% decrease in the past week. Currently trading at $87,244, Bitcoin is at its lowest level since mid-November.
Additionally, Bianco highlighted that Solana (SOL), a top competitor to Ethereum (ETH), also reached its peak in late January. He noted that the Solana network has been a hub for memecoin mania, with SOL hitting its peak on January 22, just three days after the launch of Trump’s memecoin. Currently trading at $143.66, SOL has experienced a nearly 7.5% drop in the past week and almost 13% decline in the past month. It is now down by more than 51% from its all-time high of $293.31.
The correlation between Trump’s memecoin launch and the peaks of both Bitcoin and Solana raises questions about the impact of celebrity endorsements and meme-based cryptocurrencies on the broader crypto market.
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