Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the biggest news from the inauguration of Donald Trump as the President of the United States of America.
Trump Inauguration
With Donald Trump set to return to the Oval Office there was a brief moment where Bitcoin managed to break its all time high price on the 20th of January. It managed to reach a price of $108,786 according to CoinGecko, and happened mere hours before Trump is set to be inaugurated as the 47th President of the United States. It was the first time Bitcoin rose above the $100,000 mark since December 2024 as optimism grows around Trump’s anticipated pro-crypto policies.
With so much anticipation there was a surge in growth for Trump’s World Liberty token. The platform released a further 5% of its token supply at a 230% price increase. They announced the sale amid the news of the first 20% of the supply being sold out as part of a post on X. The token was initially launched back in September and aimed to sell 20 billion of its 100 billion WLFI tokens. The latest 5 billion will look to add an additional $250 million in sales on top of the original $300 million from the first round of sales.
https://x.com/worldlibertyfi/status/1881164477262930130
The tokens are non-transferable and will serve as governance tokens for the platform’s forthcoming decentralized crypto trading platform. The WLFI project have also announced a partnership with TRUMP, a memecoin associated with the President. The memecoin TRUMP did see an initial price surge but has since dropped by 40%. Trump had been promoting his official memecoin, which is based on the Solana network, via his social media platforms.
https://x.com/realDonaldTrump/status/1880446012168249386
The official coin surpassed a market cap of almost $11 billion as traders flocked to the new token. It had an all-time high of $73.43 at the time of writing. The launch, which was last Friday, included an image from his attempted assassination in July. On Saturday the token managed a market cap of near $15 billion, but it has since dropped in value.
Of the total tokens, 80% are owned by CIC Digital LLC, which is an affiliate of Trump's business The Trump Organization, and another business called Fight Fight Fight LLC, the token's website says. Many in the crypto community have been questioning the timing and ethical nature of this token launch, with some even claiming the official Trump token opens up a Pandora's box of ethical and regulatory questions
With Trump sworn into office only time will tell how he will impact the crypto sector going forward. Much has been said as part of his inaugural speech, with Trump promising to take action regarding those locked up for the January 6 prosecutions. He made big statements on US Healthcare, the Southern border, climate change, and the Panama canal. His “department of government efficiency” leader Elon Musk also addressed the crowd, saying he will take the position 'to Mars' which will certainly sit well with the crypto community. However, he did seem to accidentally give a salute similar to the Nazi one after he pledged to “work my ass off for you guys”, adding: “We’re going to take Doge to Mars.”
As part of his 40 minute speech President Trump made no mention of digital assets. This will be a disappointment to many in the space, with high hopes of his pro crypto campaign. While there is still plenty to be done it is interesting that his team managed to launch a memecoin (as did his wife Melania) but not mention the topic. While Trump has a reported three balls to attend on the first night of his second term as the President of the United States, he finished his speech by stating:
“America will be respected again and admired again.”
We shall see how it all works out. At least Gensler is gone.
Have a great day.
Peace. CryptoGod-1.
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