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The crypto market plunged after US President Donald Trump slapped import tariffs on Canada, Mexico and China that spooked global investors.
Trump imposed a long-threatened 25% tariff on almost all Canada and Mexico imports, as well as a 10% tariff on goods from China. These tariffs will come into effect on Feb. 4.
They are expected to mark the beginning of a prolonged trade war and worsen global inflation.
Market leaders Bitcoin (BTC) and Ethereum (ETH) plummeted over 5% and 18%, respectively, in the last 24 hours. The rest of the top 10 cryptos all suffered steep 24-hour losses as well.
— Donald J. Trump (@realDonaldTrump) February 1, 2025
The valuation of the altcoin market plunged more than 7%, according to TradingView data.
Canada quickly related, its Prime Minister Justin Trudeau announcing that he will impose a 25% tariff on the $106.5 billion worth of US goods the country imports.
China’s Ministry of Commerce said it will also be taking “corresponding countermeasures,” while Mexican President Claudia Sheinbaum said in a Feb. 2 post on X that she has told the Secretary of Economy to implement “tariff and non-tariff measures in defense of Mexico’s interest.”
Best Crypto To Buy Now As The Altcoin Market Slumps
Market crashes invariably offer some good buying opportunities, especially at a time when the crypto market remains overall bullish because of Donald Trump’s vow to make the US the world’s crypto capital, and to usher in a crypto-friendly regulatory environment.
So, what are some of the highest potential cryptos that investors should consider at this time to buy the dip?
Jasmy Coin (JASMY)
Investors looking for downside protection and upside potential could consider Jasmy Coin. The project aims to be a major player in the Internet of Things (IoT) space and to stand out from its competitors the project is among the first to blend distributed ledger technology with the IoT space.
In the last year, the crypto has risen more than 348%, according to CoinMarketCap. Its 21% plunge in the last 24 hours could present a great opportunity to buy at a discount.
And despite the surge in the past year, Jasmy Coin is still 99% below its all-time high of $4.99 that was recorded on Feb. 16, 2021, according to CoinGecko.
Meme Index (MEMEX)
Meme Index offers investors the first opportunity to invest in diversified baskets of meme coins. There are four such baskets: Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index.
Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins that offer huge potential at higher risk. Investors in MEMEX pick the basket that best suits their risk-reward profile.
According to crypto analyst and YouTuber Jacob Bury, who has over 54.9k subscribers, MEMEX has the potential to be the next 10x crypto.
The Meme Index project is currently in the presale phase, and has already raised more than $3.2 million in early-stage funding.
Solaxy (SOLX)
Solaxy is the world’s first layer-2 scaling solution that is focused on the Solana blockchain. Due to the network’s low fees and high speeds, Solana has become the blockchain of choice for developers looking to capitalize on the hype around meme coins. This has led to major congestion issues on the Solana network.
With talks of a 2025 meme coin supercycle making the rounds in the market, Solana will need all the help it can get to avoid another outage. Enter, Solaxy. The project will offer the Solana mainnet additional computational power. It will also take Solana’s transaction processing workload off-chain, freeing up space on the layer-2 network as a result.
In addition to its mission to scale Solana, Solaxy will also bridge the Solana and Ethereum chains. This will create a new super Web3 ecosystem that combines the strengths of both blockchains and is capable of meeting the growing needs of decentralized application and meme coin developers.
MIND of Pepe (MIND)
The MIND of Pepe project is brushing off a steep downtrend among AI agent cryptos, raising almost $5 million in less than three weeks.
It combines the savvy of an AI agent with the brand power of meme coin titan Pepe, and thus straddles the two hottest sectors in crypto: AI agents and meme coins.
MIND is a sovereign AI agent that surfs social platforms such as X to identify emerging crypto trends through hive mentality analysis. After identifying a developing trend that could potentially lead to profitable trade opportunities, the AI agent then shares its insights with the project’s community through token-gated groups.
In addition to watching out for developing trends, MIND of Pepe’s AI agent is also able to shape the narrative in the market given its ability to interact with influencers and other members of the crypto community online.
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