CoinSpotMarket Update
Bitcoin Hits Record Highs & Solana Surges Amid Trump Memecoin Mania
3 minutes
12 days ago
3 minutes
12 days ago
Bitcoin (BTC) and Solana (SOL) hit all-time highs earlier in the week, while XRP (XRP) climbed to seven-year highs. At the time of writing, all three have slid by at least 5%. Many attributed these milestones to heightened speculation leading into Trump’s inauguration.
U.S. President Donald Trump launched a memecoin, Official Trump (TRUMP), just days before his inauguration. First Lady Melania Trump also launched a memecoin ahead of the inauguration
The TRUMP memecoin generated substantial volumes and has grown to become the largest memecoin on Solana by market cap.
Bitcoin quarterly returns (%) since 2013 (Source: Glassnode)
Larry Fink, CEO of BlackRock—the world’s largest asset management firm—said he is a “big believer” in Bitcoin during a panel discussion at the World Economic Forum in Davos. Fink went on to discuss Bitcoin’s potential value as an international hedge against economic and political instability.
Fink also said he sees a world where Bitcoin reaches between $797,000 ($500,000 USD) and $1.1M ($700,000 USD). For this to happen, multiple sovereign wealth funds would likely need to allocate a small percentage of their portfolios to BTC, Fink added.
World Liberty Financial, a decentralised finance platform linked to Donald Trump and his family, has accelerated its accumulation of various cryptocurrencies in recent days.
The largest buys were announced on Inauguration Day, totalling nearly $180M ($112.8M USD) worth of various cryptocurrencies. This included $47 million in Wrapped Bitcoin (WBTC) and $47 million in Ethereum (ETH), along with $4.7 million each in Aave (AAVE), Chainlink (LINK), Tron (TRX), and Ethena (ENA).
At the time of writing, the project holds over 54,817 ETH and 10,000 of Lido’s stETH tokens, as per Etherscan.
The combined market cap of all stablecoins has continued to trend higher to $350B ($220B USD), indicating that more capital is coming ‘onchain’ and being used across the crypto ecosystem for reasons including payments and lending.
