- The Block's GMCI Solana Memes index, tracking top Solana-based memecoins like Dogwifhat and Bonk, is down 13% in 24 hours and 30% in a week.
- Trump’s official memecoin has dropped 7% in 24 hours and 30% over the past week, while Melania’s memecoin is down 5% in a day and 38% weekly.
The crypto market has seen a sharp downturn following President Trump’s announcement of steep tariffs on imports from Canada, Mexico, and China. The tariffs, set to take effect on Tuesday, include a 25% tax on imports from Canada and Mexico, as well as a 10% tariff on Canadian energy and Chinese goods.
In response, Canada and Mexico have enacted retaliatory tariffs, while China has promised “corresponding countermeasures” and is preparing to file a lawsuit with the World Trade Organization. The uncertainty surrounding these economic policies has triggered a broad sell-off in the crypto market, with memecoins taking the hardest hit.
The Block's GMCI Solana Memes index, which tracks top Solana-based memecoins like Dogwifhat and Bonk, is down over 13% in the last 24 hours and 30% in the past week. Trump's own memecoin has dropped 7% in the past day and 30% over the week, while Melania’s memecoin has fallen 5% in the last 24 hours and 38% over the past week.
Out of the top 20 memecoins by market cap, 19 have plummeted more than 20% in the past seven days. Even Shiba Inu, which has fared the best among them, is down 17.3%. Meanwhile, The Block's GMCI 30 index, which tracks the top 30 tokens by market cap, has seen a 7.15% decline.
Bitcoin has dipped below $100,000 as a result of the broader market downturn.
"This will be the golden age of America! Will there be some pain? Yes, maybe (and maybe not!). But we will make America great again, and it will all be worth the price that must be paid," Trump posted on Truth Social.
Edited by Harshajit Sarmah
