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Despite a broader rally in digital assets ahead of Friday's White House Crypto Summit, US president Donald Trump’s and first lady Melania’s official memecoins have remained stagnant. Both tokens have traded flat over the past day and are now down over 80% and 90%, respectively, from their all-time highs — recorded just before Trump’s inauguration on 20 January.
The memecoins — trading under the tickers TRUMP (TRUMP-OFFICIAL-USD) and MELANIA (MELANIA-OFFICIAL-USD) — initially soared on hype and speculative buying during the weekend before the president was sworn into office.
Read more: Crypto live prices
Trump’s token, called Official Trump, surged to an all-time high of over $72 before plunging more than 80% to just over $13, while Melania’s coin has tumbled more than 90% from its peak, according to CoinGecko data.
Major cryptocurrencies on the rise
In contrast to the memecoin meltdown, major cryptocurrencies are rallying.
Bitcoin (BTC-USD) surged over 5% on Thursday, soaring past $91,000 after a recent dip below $82,000 — reflecting renewed optimism among investors as they await key announcements from Friday’s White House Crypto Summit.
Ethereum (ETH-USD) rose over 2% to trade at $2,225.
Investors eye White House Crypto Summit for regulatory clarity
The upcoming summit, a first for the White House, promises to address the future of digital assets and lay the groundwork for regulatory reforms.
Trump, along with key administration officials, is scheduled to meet with leading industry figures — including Coinbase (COIN) CEO Brian Armstrong, Chainlink (LINK-USD) co-founder Sergey Nazarov, and Strategy (MSTR) co-founder Michael Saylor — to discuss potential frameworks for cryptocurrency oversight and innovation.
A central point on the agenda is the long-discussed US Strategic Bitcoin Reserve. US secretary of commerce Howard William Lutnick disclosed that Trump is set to unveil measures regarding the reserve. The proposed plan would involve the US government acquiring approximately 200,000 bitcoin annually over a five-year period —eventually amassing up to 1 million BTC.
Proponents say such a reserve could bolster national financial security and act as a hedge against economic volatility, much like the Strategic Petroleum Reserve.
However, skeptics warn that government-scale intervention in bitcoin could upset market dynamics and fuel further regulatory challenges.
Market participants cautious ahead of summit
Market analysts expect increased volatility leading up to Friday's event, as investors remain cautious, awaiting signals of greater regulatory clarity for the cryptocurrency sector.