The cryptocurrency market reacted to President Trump's plan to impose 25% tariffs on imported goods from Canada and Mexico, as well as 10% tariffs on Canadian energy and Chinese goods, with a massive drop, which particularly affected memecoins.
Canada has announced retaliatory tariffs, and Mexico and China have vowed to retaliate in kind. China has also vowed to file a World Trade Organization case over the tariffs.
On Sunday, February 2, the price of BTC fell by 4,8%, with a 24-hour high of $101,992 and a daily low of $96,939 (data from CoinGecko). Trading volume did not show a significant increase.
GMCI Meme Index Solana , which tracks the largest memecoins by market cap on its network, including Dogwifhat and Bonk, has fallen more than 13% in 24 hours and 30% over the past week.
Official token Trump has lost 24% in the last 7 hours and 30% in the last week. Token Melania also struggled, falling 5% in a day and about 38% in a week.
According to CoinMarketCap, 19 of the 20 memecoins by market cap have seen declines of more than 20% over the past seven days. The only exception is Shiba Inu , down 17,3% in a week. None of the site's top 100 tokens by market cap, with the exception of stablecoins, have shown gains in the past 24 hours.
