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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.
Source: Jim Bianco /X
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.”
Source: Jim Bianco /X
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.
Generated Image: Midjourney
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