Did Trump’s memecoin weekend mark the temporary crypto top?

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Last Updated on 8 February 2025 by CryptoTips.eu

Over the past week, we’ve seen big drops in the crypto market just as many tech stocks (like Palantir and Netflix) are hitting ATHs and the Nasdaq inches higher.

The correlation between tech and crypto therefore seems to have cooled down a bit at the moment. It is also striking to see that Trump’s own memecoin really starts to look like a pump and dump graph after three weeks. Let’s hope that will end well for early investors.

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XRP

In the last week, almost all major altcoins declined by about 20%. Particularly striking was the decline of the price of XRP, which was one of the best performing crypto assets only a few weeks ago.

It is likely that XRP’s price is mainly plagued by profit taking as investors are thinking of cashing in some of their profits before Bitcoin would fall below $90k.

There also appears to be no end to Ripple’s lawsuit with the SEC, something many XRP investors had hoped for after the resignation of Gary Gensler just before Trump began his second term.

Trump

In the days just before his swearing-in, the Trump family took advantage of the hype surrounding the presidency and launched their own memecoin. It quickly rose in price and made almost all the media headlines that weekend with a max price of about $70.

 

Three weeks later that enthusiasm has mostly faded and the memecoin traded for a price of about $17 yesterday, hence it lost about 80% since the top of that first weekend. The graph is starting to look more and more like a real ‘pump and dump’ coin and several analysts are convinced that the Trump memecoin weekend was the temporary crypto top.

Let’s hope disgruntled investors will not file a lawsuit against Trump as a result (just as Dogecoin investors filed one against Musk for his ‘Doge hyping’ back in 2021).

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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