Altcoins Are Lost Amid Launch of Trump-related Coins
ApeCoin (APE) is down 0.77% this week, trading at $1.029, underperforming the broader cryptocurrency market. Meanwhile, Bitcoin (BTC) is up 4.7% to $108,170, retreating slightly from a new all-time high of $109,974.
Altcoins, including APE, could see improved performance ahead of Donald Trump’s inauguration on Monday. The incoming U.S. president is expected to issue around 100 presidential decrees on his first day in office, some of which may provide a boost to the cryptocurrency market.
However, APE and other altcoins may face challenges as they attempt to regain momentum. The anticipated launch of Trump-related altcoins, such as $TRUMP and $MELANIA, could draw significant liquidity away from existing cryptocurrencies. These new tokens, riding on speculation and political hype, might temporarily overshadow other altcoins and dampen their performance.
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