The Official Trump memecoin ($TRUMP) dumped by 40% after the newly Inaugurated President snubbed the crypto industry in his inauguration speech.
The crypto industry highly anticipated the inauguration speech, hoping that Trump would mention anything about cryptocurrency or a strategic bitcoin reserve.
The inauguration speech which lasted approximately 16 minutes made no mention of Bitcoin or a strategic reserve. The entire crypto industry was snubbed in a speech that focused more on the “ America First Rhetoric”.
In addition to this development, Donald Trump signed dozens of Executive orders yesterday keeping up with the tradition in American politics.
None of the Executive orders signed by Donald Trump Yesterday related to the Crypto industry indicating that the sector is not an utmost priority for the Trump administration.
This was not received well by segments of the crypto community who expected the new President to sign at least one crypto-related Executive order yesterday or say something about the industry.
The snub of the crypto industry by Trump in the inauguration ceremony reflected on Trump-related tokens and the general market.
$TRUMP dumps by 29%
Official Trump, the biggest Trump-themed memecoin by market capitalization and Price dumped by over 40% after the inauguration ceremony and speech.
At the time of the report, the memecoin is down by 29% in the last 24 hours.
$Trump was launched on Jan 17 via the official X page of the president.
The $TRUMP meme coin experienced a significant surge in value shortly after its launch. Initially sold at $3 per coin, it quickly escalated to a peak of $76.94, achieving a market capitalization of approximately $15 billion.
This rapid increase positioned $TRUMP among the top 20 cryptocurrencies globally, with a total trading value nearing $13 billion within two days of its launch.
The Hype around the coin has cooled off since last night with the memecoin struggling to break the $40 price level since morning.
At the time of the report, $Trump is exchanging hands for $37.91 dropping by 23.8% in the last 24 hours.
