dailyhodl.com
President Donald Trump’s controversial memecoin launch in January could have catalyzed the recent Bitcoin ($BTC) and crypto market peak, according to the macro strategist Jim Bianco.
Bianco, the president of Bianco Research, tells his 443,700 followers on the social media platform X that Bitcoin hit its all-time high of around $109,000 in January, just a few days after Trump launched his official memecoin.
$BTC is down nearly 8% in the past 24 hours and more than 7% in the past week. The top-ranked crypto asset by market cap is trading at $87,244 at time of writing, its lowest level since mid-November.
Bianco also notes that top Ethereum (ETH) competitor Solana ($SOL) also hit its peak in late January.
“The Solana network is the home of the memecoin mania. $SOL peaked on January 22, three days after the Trump coin peak and is now down by almost half. So goes $SOL, so goes memecoins. $SOL’s rally end coincided with Trump’s memecoin.”
$SOL is trading at $143.66 at time of writing. The sixth-ranked crypto asset by market cap is down nearly 7.5% in the past week and almost 13% in the past week. It is also currently down more than 51% from its all-time high of $293.31.
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