Weekly Rundown - January 26, 2025

The common link? Casinos

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You’re still talking about TRUMP coin?

The launch sounded alarm bells for everyone who remembers the 2021, 2017, and 2013 bull markets, when celebrity endorsements marked major peaks.

It’s funny to hear people talk about a “crime cycle” and joke that the Hawk Tuah Girl should’ve waited until after the inauguration, but no reason to worry solely because Trump launched a memecoin.

It’s just not that simple.

In hindsight, we will feel strange if this marked a long-term peak, but remember, Trump launched NFTs in December 2022—the start of this bull market—and numerous other crypto and non-crypto collectibles in 2023 and 2024.

The market went higher.

Make sure you caught my market update from January 23, 2025.

In that update, I shared my expectations for 2025, talked about key altcoin levels I need to see before I sell, and looked at a wide range of behaviors from miners, OGs, traders.

Scroll down for some content you may enjoy.

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$TRUMP coin

In last week’s rundown, I asked, “Is the $TRUMP memecoin/token good or bad for crypto?”

Before I get to the results, let’s put in context how large this was.

  • It crashed Solana DEXs.

  • So many people sold their other cryptos to raise cash to buy TRUMP that it caused a small market crash.

  • TRUMP became the fastest memecoin to hit a $10 billion market cap...ever.

  • More TRUMP was traded on-chain than any token in Solana’s history.

  • At its peak, TRUMP was worth more than every American defense contractor, food producer, and carmaker except Tesla.

What did you, the readers, think?

A handful thought it was good, largely because of the attention it brings. As one responder commented, anything that keeps crypto in the minds of new people can lead to great things.

Most—86%—said it's bad for crypto. To summarize their comments, it makes the industry look grifty and takes money from people.

(To be fair about concerns over grift, that ship sailed long ago.)

What do I think?

Unfazed. Expect more from enterprises, celebrities, and politicians in the coming years. It wouldn't surprise me in 10 years for every political campaign and many candidates to launch a memecoin.

Do I like how TRUMP coin drains liquidity from the rest of the market?

No, but such is life. Until builders deliver mainstream apps and services, I don’t see any reason for new buyers to differentiate between one token or another. They're all made up and do the same thing (for now). Besides, people just want to trade them for more of their government's money.

The “Crypto Casino.”

Which is kind of ironic, if you know Trump's biography. His casinos went bankrupt.

Trump made his fortune selling equity and bonds in businesses and properties that failed, but did so in a way that left him holding all the money. He then grew that fortune by selling his brand and image.

Frankly, I'm surprised it took him this long to launch a memecoin. Seems like the natural next step.

Relax and enjoy the ride!

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