Bitcoin (BTC) Dips Below $100k as Melania Trump Launches Her Own Memecoin, MELANIA

Bitcoin (BTC) faced losses during Monday's morning trading in Asia, dropping 4.5% to briefly fall below $100,000.

Bitcoin (BTC) faced losses during Monday’s morning trading in Asia, dropping 4.5% to briefly fall below $100,000, according to Benzinga.

Other cryptocurrencies experienced even larger declines, with ETH, XRP, SOL, and BNB seeing triple-digit percentage losses. Among the top ten cryptocurrencies, ADA and DOGE faced the most significant drops, both declining by more than 10%, as reported by CoinMarketCap.

Among the newsworthy developments, Melania Trump introduced her own memecoin, MELANIA, which quickly surged by an astonishing 24,000% to reach a peak price of $13. However, the token faced a setback later, with its price falling below $10.

This rapid rise in MELANIA's value is believed to have drained liquidity from the TRUMP coin, which had been the most-traded asset on Binance over the weekend.

Some analysts suggest that the trading activity surrounding these memecoins indicates a fear of missing out (FOMO) phase in the current bull market, potentially leading to a correction in Bitcoin's price.

However, others, like Jeff Dorman from Arca, see the launch of TRUMP as a positive sign for the cryptocurrency market.

In a recent note, Dorman discussed the implications of President Trump's involvement in the cryptocurrency sphere. He highlighted that the recent actions by the SEC and state regulators have created an almost impenetrable barrier for token issuers and investors seeking to participate in the market.

However, Dorman pointed out that President Trump, in his role as an issuer of the TRUMP token on Binance Smart Chain, and potentially also in coins like PATRIOT and MAGA, is also an investor in these tokens.

Also, the president is selling these tokens to raise money for his political campaign, and he is encouraging his supporters to invest in them.

According to Dorman, this involvement by the president diminishes the regulatory concerns that have been touted by the SEC and state regulators.

In essence, President Trump's actions serve to integrate these tokens into the broader financial system.