Meme coins plummeted over the weekend as President Donald Trump signed new tariffs, kicking off a trade war that caused investors to dump risk assets.
, was last down 15% to $17, according to CoinGecko. It rallied to a high of about $73 the weekend of its launch before crashing 50% on Inauguration Day.from Mexico and Canada , as well as a 10% duty on China . The U.S. does about $1.6 trillion in business with the three countries.
"Every coin that recently rallied through January, including memes like , have essentially handed back most of their gains," said James Davies, CEO and co-founder at trading platform Crypto Valley Exchange. "Crypto is fundamentally about freedom to make and conduct trades, which runs counter to the global political narrative of the last week," he added. "As a community, we are pro free-trade … when that is being restricted, many investors are risk-off in terms of their holdings. This massively impacts the alt coin market.", with some traders seeing it as a green light for a new crypto craze.
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