Cryptocurrency Dogecoin (Crypto: Doge) saw its value drop this week. The room even exchanged down 15.5 % at 4:40 p.m. on January 23, but was down 17.5 % earlier in the week. The crisis occurs while S & P500 won 2% and the Nasdaq100 won 2.1% over the week.
Dogecoin feels this week the pressure of leading entrants in the space of coins, weakening its main value proposal in the eyes of certain investors.
Trump published his coin a few days before taking oath as president. Appointed Official trumpHe has the ticker $ Trump. The token is designed as a meme – as the Trump’s official website clearly indicates – and not as a serious financial instrument. But as we saw with Dogecoin and others, the memes can be lucrative in the right circumstances.
The official Trump has increased by more than 400 % since its launch, although it has increased almost 1,000 % earlier in the week before losing about half of its value.
Move, Dogecoin!
The release of the Trump official – followed closely by several others, including Melania’s official same – questioned a central story of the value of Dogecoin. The crypto on the theme of the dog is closely associated with Elon Musk, and investors could have hoped that this proximity to the new president would strengthen his notoriety. With Trump and his team publishing several other memes directly in competition, the Investment thesis no longer appears sound.
Beyond that, Trump’s official publication has shaken some faithful of cryptography, who consider it detrimental to the image of cryptography. Many hope that Trump’s presidency will be a period when cryptography will continue to consolidate in traditional finance, but the publication of something like official Trump might seem to undermine this hope.
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