Dogecoin Wrecked as Top Meme Coins and Altcoins React to Trump Tariff Announcement

U.S. President Trump's Tariff Announcement Triggers Crypto Market Crash

President Donald Trump's announcement of tariffs on goods imported from major trading partners, including China, Mexico, and Canada, sent shockwaves through the cryptocurrency market.

Weekend Bloodbath

Crypto analysts attributed the market downturn to Trump's announcement, which wiped out over $120 million from SOL and ADA and sent Dogecoin plummeting to a low of $0.2750 from $0.3250. Experts believe the downtrend could persist if the reaction continues.

At the time of writing, DOGE was trading slightly above $0.280, with analysts suggesting a potential resistance level near $0.250. Trump's meme coin, $TRUMP, also suffered, losing 12% of its value. The CoinDesk 20 Index reported a 21% average loss across 20 digital assets.

Trump Defends Tariff Plans

In response to criticism from The Wall Street Journal, which deemed the proposed tariffs "the Dumbest Trade War in History," President Trump doubled down on his position. He accused those opposed to the tariffs, including hedge funds and the "Fake News" media, of being controlled by China.

"[Tariffs are] long overdue. China should have paid these tariffs from the beginning, instead of ripping off the United States," Trump stated.

Impact on Trump's Crypto Projects

In addition to DOGE's 30% drop, Bitcoin plunged 8% below the $92K mark. Other altcoins, such as XRP and Solana (SOL), also experienced significant losses.

Notably, Trump's DeFi project, World Liberty Financial, suffered a 21% crash. Ether also dipped 24.4%, while WBCT lost 12.1%.

Grayscale's DOGE ETF Filing

Despite the market downturn, Grayscale's recent filing for a Dogecoin ETF sparked optimism within the meme coin community. The ETF filing suggests a potential rally to $1.

Conclusion

Trump's tariff announcement triggered a significant market correction, affecting major cryptocurrencies and his own crypto projects. It remains to be seen whether the current downturn is temporary or a prelude to further market volatility.

FAQs

• What is DOGE?
  DOGE is a popular meme coin with a proposed circulation of 100 billion tokens.
• What is the Purpose of DOGE?
  DOGE was originally designed to reward meme creators but can now be used for various online transactions.
• Where can you buy DOGE?
  DOGE can be purchased on over 348 exchanges worldwide.
• Is DOGE Legal?
  DOGE is legal in most jurisdictions.