Donald Trump Highlights Crypto Surge in Final Speech Before Inauguration

President-elect Donald Trump attributed the recent surges in both the stock market and Bitcoin to his influence, referring to it as the "Trump effect" during a pre-inauguration rally.

Highlighting the economic momentum since his election, Trump stated, “The stock market has reached unprecedented heights, small business optimism is at a 39-year peak, and Bitcoin keeps breaking records.”

The stock market has indeed seen significant growth, with the S&P 500 hitting 6,090 on December 11 and the Nasdaq peaking at 20,204 on December 16. Similarly, Bitcoin reached an all-time high of $107,000 on December 17 before pulling back to $90,000 and stabilizing above $100,000. However, recent volatility has seen Bitcoin slip to $101,000 following the launch of Melania Trump’s memecoin, MELANIA.

The MELANIA token, which debuted with a fully diluted valuation of $5 billion, quickly attracted attention and funds. Only 10% of the token’s supply is circulating, giving it a current market cap of $500 million.

Its launch, however, appears to have drawn focus away from Donald Trump’s own memecoin, Official Trump. After reaching a $14.5 billion market cap and a $72 billion fully diluted valuation, Official Trump has since dropped to an $8.8 billion market cap.

While Trump’s speech celebrated economic highs, he made no mention of either memecoin or their impacts on Bitcoin’s price. The token launches have created waves in the market, but the broader implications for both cryptocurrencies and the financial landscape remain to be seen.