After briefly dropping to $103,450, Bitcoin 
$105,102‘s price rebounded to $105,000 and has since settled at $104,800. The market is experiencing high volatility and unusually high trading volumes, with interest shifting towards SOL and Trump Coin. This shift has led to painful outcomes for other cryptocurrencies as attention diverts.
The Rise of Trump Coin
Trump’s sudden tweet left many doubting its authenticity. When Trump claimed he was launching his own meme coin, skepticism arose, recalling past instances where hacked accounts misled investors. Yet, this time, the tweet and the token turned out to be real, with the token’s market cap surpassing $14 billion, significantly exceeding Dogecoin 
$0.00236‘s $70 billion market cap.
Some daring investors jumped in early, with one purchasing $1.09 million worth of Trump Coin, which appreciated to $185 million. The Kobeissi Letter noted that returns multiplied by 50 within 14 hours, and with the price now exceeding $60, unrealized gains could reach $370 million for that investor.
Comparisons to GameStop Frenzy
Similar to the GameStop craze in 2021, Trump Coin has garnered intense interest. Major cryptocurrency exchanges, including Binance, have listed the coin, which has now surpassed Shiba Coin, becoming the second-largest meme coin in terms of market capitalization. As of the article’s writing, it has also eclipsed TON Coin’s market value, which is approaching $13 billion.
The token has a maximum supply of 999.999 million, with 200 million currently circulating. Investors may witness declining prices if interest wanes in the future. Additionally, if any negative news emerges when Trump assumes office on Monday, it could lead to a rapid decline. Nevertheless, the ongoing developments in Trump’s crypto initiatives suggest a potential for continued growth in the medium to long term.
