Cryptocurrency markets fell after President Trump announced he would impose stiff tariffs on imports from Canada, Mexico and China starting Tuesday.
Canada and Mexico imposed retaliatory tariffs, while China promised appropriate countermeasures and said it would file a lawsuit at the WTO.
meme coins were particularly hard hit by the downturn, with many major coins experiencing double-digit percentage drops. Over the past week, Trump's memcoin has fallen nearly 30%.
the #cryptocurrency market reacted to President Trump's plan to impose tariffs of 25% on imports from Canada and Mexico and 10% on Canadian energy and Chinese products with a widespread sell-off that hit memcoins particularly hard. But the sell-off is over. The White House announced that tariffs on imports would go into effect on Tuesday because the three governments had not done enough to stop the flow of drugs into the United States. In response, Canada announced retaliatory tariffs, and Mexico and China promised similar retaliatory measures. On Sunday, China announced it would file a complaint with the World Trade Organization over the tariffs.
The Block's GMCI #Solana Memes Index tracks the top solana memes coins by market capitalization, including Dogwifhat and Bonk, but the conservative-minded market reacted to a Wall Street Journal editorial calling
the stupidest trade war in history, falling more than 13% in the past 24 hours and 30% in the past week. According to The Block's Official Trump Prices page, Trump's official Mimecoin has fallen 7% in the last 24 hours and 30% in the last week. Melania's Memecoins are also struggling, down 5% in the last 24 hours and about 38% in the last week.
According to CoinMarketCap, 19 of the top 20 memcoins by market capitalization have fallen in value by more than 20% over the past seven days. (The only exception is Shibai, which fell in price by 17.3% over the week).
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