On January 18, the elected President Trump announced the launch of his personal Meme coin $TRUMP on his social media account.
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The tweet states: 'Join my Trump Community. Get your $TRUMP .
Token. Have fun!
Initially, the market thought his account had been hacked, but later Trump's personal X account also posted the same content.
Then the President Coin began to soar wildly, followed by a collective collapse of altcoins in the crypto space. One could say that this is a situation where President Coin sucks the life out of all the altcoins, forming a bizarre rise. As of the time of posting, President Coin has still seen an increase of nearly three times since being listed on Binance.
Until the early hours of January 20, the First Lady issued coins again, still with an extremely exaggerated increase.
Then, President Coin began to plummet. A currency with a market value of 10 billion had its on-chain price showing extreme fluctuations. As of the time of posting, President Coin has already dropped 50% from its peak and there are still no signs of stopping the decline.
Summary: January 20 is the President's inauguration day, which might be a case of good news being fully priced in as bad news. Bitcoin has also started its correction as expected, as of $BTC .
Since the rebound on August 9, this is the first significant correction. As of the time of posting, Bitcoin has corrected about 6%. This round of the bull market is truly a bull market for Bitcoin alone, many altcoins have hit new lows during this correction. Honestly, I have no confidence in altcoins at all anymore; they fall but do not rise, which might be the pattern of this bull market. The primary market is the explosive point of this bull market. Have any brothers become wealthy because of President Coin?
This series will continue to be updated, aiming to record important events in the crypto space and take you through the bull and bear cycles.