These import tariffs are due to be enforced on Tuesday, enacted in response to what the US government perceives as inadequate measures by the three foreign governments to curb drug trafficking into the United States, according to the White House. In retaliation, Canada has announced its own set of tariffs, and Mexico and China have both pledged to take similar action. China declared on Sunday that it would lodge a formal complaint with the World Trade Organization over the tariffs.

The Block’s GMCI Solana Memes index, which monitors top Solana memecoins by market cap such as Dogwifhat and Bonk, has seen a decrease of over 13% in the last 24 hours, and a 30% plunge in the past week, as the market reacts to what the conservative Wall Street Journal editorial board has dubbed “the dumbest trade war in history.”

The official memecoin of Trump has also suffered, dipping 7% in the past day and 30% over the past week, as per The Block’s Official Trump Price page. Melania’s memecoin is experiencing similar hardship, down 5% in the past 24 hours and about 38% down on the week.

Almost all top memecoins by market cap, as listed by CoinMarketCap, have seen their prices drop by more than 20% in the past week (the single exception, Shiba Inu, is down 17.3% for the week). None of the site’s top 100 tokens by market cap, excluding stablecoins, have shown gains in the last 24 hours.

The Block’s GMCI 30 index, representing the top 30 tokens by market cap, has been the most resilient of The Block’s indices, experiencing a 7.15% decrease, in contrast to the double-digit percentage losses of most other indices. Consequently, Bitcoin’s price has slipped below the $100,000 threshold.

In a post on Truth Social early Sunday, Trump stated, “THIS WILL BE THE GOLDEN AGE OF AMERICA! WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!). BUT WE WILL MAKE AMERICA GREAT AGAIN, AND IT WILL ALL BE WORTH THE PRICE THAT MUST BE PAID.”

Disclaimer: The Block is an independent media organization that provides news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures also invests in other crypto-related companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently, delivering objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is intended solely for informational purposes. It is not meant to serve as legal, tax, investment, financial, or other advice.

The post Bitcoin Slips Under $100K as Memecoins Suffer Amid US Tariff Impact appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.