Last night was a chaotic one for the crypto market. A staggering 6.5 billion CNY evaporated, leaving 298,981 accounts liquidated to zero. Over the weekend, Old Trump released the token $TRUMP, siphoning billions of dollars from the market. Just when speculators started wondering if Musk would follow suit, Trump's mother introduced $MELANIA, which Trump himself retweeted.

Does this feel like déjà vu?

In the 2021 bull market, we saw RACA, linked to Musk, and FLOKI, associated with his brother. But they were only loosely tied to Musk. Even though Musk constantly hyped Dogecoin, he never directly issued any token. This time, however, Trump has entered the field personally, turning the industry upside down.

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Market Impact of Trump Tokens

Since the launch of $TRUMP, the broader crypto market has suffered a 30%+ drawdown, worsening conditions in an already fragile market. This situation resembles being struck by hail amid a storm.

In 2021, we saw the shift from an Asia-dominated market to a North American-led market. Now, Trump’s actions are targeting his fervent supporters, wielding a “sickle” to drain liquidity.

Tokens like RACA have essentially hit zero, and FLOKI, despite its resilient community, is at risk of collapsing after two years of decline. Its recent revival in 2024 due to meme culture might not last.

NFTs from Trump’s 2021 ventures are also worthless today, offering no future value. Don’t expect the Trump family to empower these assets. In a single day, $TRUMP has achieved what many projects fail to do in a lifetime—massive liquidity accumulation at the expense of others.

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Technical Analysis

BTC (Bitcoin)

Support Levels: 98,200 / 94,500 / 91,800 / 89,500

Resistance Levels: 103,300

The recent sharp market downturn suggests limited short-term upside for BTC.

Recommendation: Avoid speculative investments in meme tokens for now.

ETH (Ethereum)

Support Levels: 3,100 / 2,851

Resistance Levels: 3,340 / 3,486

Once a stronghold, ETH has now become a pawn, with players like Trump stepping in to exploit it.

Recommendation: Monitor closely, as ETH remains vulnerable to external shocks.

SOL (Solana)

Support Levels: 210 / 167

Resistance Levels: 255–261 / 288

SOL touched 288 recently, suggesting a position reduction.

Recommendation: Avoid chasing highs; allow consolidation before re-entry.

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Market Outlook and Strategy

Meme Tokens:

Halt investments in meme-like assets. The emergence of Trump-inspired tokens signals potential doom for the meme sector, much like the NFT hype of 2021, where most celebrity NFTs are now worthless.

Other Assets:

Focus on public chains, Layer 2 projects, AI-related tokens, and assets with strong technical support.