“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” – Martin Luther King Jr. ||
Hello everyone! Well, well, what a Monday… I mean, we expected crazy markets, but not quite THIS crazy…
Obviously, below I talk about what the weekend’s memecoin frenzy says about the industry, what it means for innovation, why what we’re NOT talking about is significant, and a whole lot more - so much to unpack here.
I also look at some of the drivers of BTC’s astonishing rally this morning.
It’s a long one, but today is extraordinary in many ways.
IN THIS NEWSLETTER:
The token to $TRUMP them all
Shocked, shocked I tell you
Not just gambling
What people are NOT talking about
You can’t trump that
BTC moves
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WHAT I’M WATCHING:
The token to $TRUMP them all
Trump hasn’t even taken office yet (as I type), and already the crypto drama has been kicked onto another plane.
Against the backdrop of glitz and glamour at Friday’s Crypto Ball in Washington DC, with no shortage of crypto and political luminaries in attendance, a new memecoin burst onto the scene.
Not just any memecoin though. $TRUMP is apparently the official token of the 47th President of the United States of America, confirmed by him via posts on X and Truth Social.
Within minutes of its first spotting, news spread and the price soared even though it was not yet widely available – within hours, the market cap had reached over $15 billion, more than $70 billion if you take into account non-circulating supply (80% is held by insiders in a staggered lock-up, with unlocks starting in April).
As word spread, exchanges scrambled to list the token – by yesterday, $TRUMP was available in over 80 different pairs on more than 20 centralized exchanges as well as more than 260 pairs on decentralized exchanges.
It was just hours before the first derivative markets appeared. According to CoinMarketCap, over 30 venues list $TRUMP perpetual futures. The speed with which the market adapted was eyewatering even for crypto, and you can just imagine what traditional markets – which, by the way, are closed today – will make of the flexibility.
And the profits: trading volumes over the past 24 hours reached almost $50 billion. Over a weekend, which typically means thin volumes.
Just when we were starting to agree that nothing could top this in craziness, Melania Trump launched her memecoin $MELANIA, triggering a sharp drop in $TRUMP value. I haven’t heard of a $BARRON coin yet, but by the time you read this, who knows.
(chart via TradingView)
Shocked, shocked I tell you
Of course, X erupted with comment, most of it dismissive if not outright damning. This is proof that crypto is for grifters, said some. Many accused Trump of taking advantage of the market, of using his brand to line his pockets, of being even more predatory than usual, of embarrassing not just the office of the President but also the very idea of open markets.
The point they’re missing is that Trump did nothing illegal, nor out of character.
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