President Donald Trump’s controversial memecoin launch in January may have triggered the recent peak in Bitcoin (BTC) and the crypto market, as indicated by macro strategist Jim Bianco. Bianco, the head of Bianco Research, informed his 443,700 followers on the social media platform X that Bitcoin reached its all-time high of approximately $109,000 in January, shortly after Trump introduced his official memecoin.
BTC has dropped by nearly 8% in the last 24 hours and over 7% in the past week. The leading cryptocurrency by market cap is currently trading at $87,244, its lowest point since mid-November.
Bianco also pointed out that Solana (SOL), a top competitor of Ethereum (ETH), hit its peak in late January. According to Bianco, “The Solana network is the epicenter of memecoin mania. SOL peaked on January 22, three days after the Trump coin peak and has since declined by almost half. As SOL goes, so go memecoins. The end of SOL’s rally coincided with Trump’s memecoin.”
SOL is currently priced at $143.66. The sixth-ranked cryptocurrency by market cap has fallen by nearly 7.5% in the last week and almost 13% in the past month. It is also down by more than 51% from its all-time high of $293.31.
