Chaos, Welcome Back
President Trump has returned to the White House...Bitcoin tagged a new ATH, ETH sold-off, and the TRUMP memecoin reached a $15B Market Cap in one day. What on earth have we just signed up for...
G’day Folks,
Well…if there were any questions about what we can expect over the next few years, this weekend offered some answers.
It is going to be weird, wacky, and chaotic.
Entities associated with President Trump launched a memecoin on Solana, where they hold 80% of the token float. $TRUMP then proceeded to rip to a $15B market cap (over $75B fully diluted) in just a few hours, off the back of $50B+ in trade volume.
Said shitcoin is now down 50% from the highs.
What does the world look like where politics starts to bleed into Murad’s thesis of ‘cult coins’?
Congrats to anyone who can trade this stuff, but it just isn’t for me. I summarised my feelings in this tweet, and I should say that very rarely does one of my tweets hit 1k likes. Tells me I’m not alone.
King Corn did hit a fresh ATH of $109k yesterday, which came after a swift drop back down to $99k. We’re getting 10% daily price swings now on a $2 Trillion asset.
We’re talking about $50B to $100B daily swings in the market cap at this scale. At the height of the intraday move, the Bitcoin market cap was up $160B, which is 40% of the Ethereum market cap…and equal to a top 100 company!
Remember however, changes in price and market cap are just a function of the last traded price. These are not actual swings of $100B in real value, although it does put things into perspective for how big Bitcoin now is.
In today’s edition, I will provide commentary on three key topics:
Brief thoughts about my expectations for ‘crypto’ given the Trump memecoin.
A look at performance for BTC, Gold and equities in post-election years.
Assess the choppiness index, which is juiced up and ready to trend again.
📈 Reminder: you can find the charts from our articles on the Checkonchain Charting Website, and a guide in our Charts Tutorial Video.
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