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Aside from the upcoming inauguration, which is scheduled to take place on January 20, Donald J. Trump managed to capture the crypto community’s attention via a very surprising and extraordinary move made on Friday evening. The meme coin that he and his team launched and promoted has skyrocketed in a spectacular fashion, becoming the second-largest in its field. Is that good or bad for the overall meme coin landscape and crypto as a whole? The Bad It has been less than two full days, but Official Trump, going under the ticker TRUMP , has become a top 20 altcoin on CoinGecko and CoinMarketCap and is even close to cracking into the top 10 on the latter. Its market capitalization has shot up to nearly $15 billion on CMC, and it could be even higher by the time you read this article. This is a spectacular and never-before-seen type of surge for a cryptocurrency. It literally went from 0 to (almost) 100 in less than a whole weekend, making multiple savvy traders overnight millionaires . Its story continues to amaze even the most experienced crypto market participants, as it is now the second-largest rep of the meme coin space, which was already quite overcrowded. But its rise has been met with the demise of many alternatives. CoinGecko’s meme coin chart shows that almost all competitors have bled out since TRUMP’s launch on Friday evening. On a daily scale, DOGE is down by over 9%, SHIB has plummeted by 10%, and PEPE has slumped by over 16%. This only goes to show that crypto, and meme coins in particular, is a dog-eat-dog world. And the biggest and ‘baddest’ now is the Donald Trump-backed rep, which is taking everyone down. The Good Although it’s true that most meme coins, and even altcoins as a whole, are dumping hard today, TRUMP’s launch could actually be a blessing in disguise for them as well. After all, the upcoming US president has backed a crypto asset, which would probably mean that it will attract new investors to the market. The craze is more than obvious now and could continue for days and even weeks, especially since his inauguration is 24 hours away. However, those market participants will eventually start seeking alternatives once TRUMP’s rally reaches an exhaustion point, which could benefit some of its competitors or other alts. Let’s not forget that the president-elect made numerous pro-crypto promises during his campaign, which aim to propel the entire industry forward. In conclusion, it’s too early to say whether Donald Trump’s official entrance to the crypto asset world will have positive or negative long-term consequences for the market. However, it’s certain that it will impact it big time. The post Is Official Trump (TRUMP) a Boon or Bane for Crypto Markets? appeared first on CryptoPotato .
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Solana Nails New All-Time High Price Amid Phenomenal $TRUMP Memecoin Buzz
The native token of the Solana blockchain, SOL, has skyrocketed to a fresh record high after the network hosted the on-fire President-elect Donald Trump’s official meme coin, TRUMP. The TRUMP token launch caught the attention of the crypto market and could be behind Solana’s new price highs. Solana Price Hits New Record High The crypto market experienced a big surprise on Jan. 18 when the ‘official’ Trump (TRUMP) meme coin, endorsed by President-elect Donald Trump, debuted without prior notice. Despite the highly competitive memecoin market, TRUMP quickly reached a jaw-dropping market capitalization of $14.7 billion, according to CoinGecko. TRUMP is currently sitting at a price of about $73.27. The Solana token is now the 16th most valuable coin on the market. TRUMP was immediately listed on Bitget, Kraken, and KuCoin. The TRUMP token is set to soon be listed on major crypto exchanges, including Coinbase and Binance . Donald Trump’s son, Eric Trump, praised the launch on X, positing : “I am extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth.” The meme coin’s outstanding debut sparked a rally in Solana’s SOL, pushing it to a fresh lifetime high of $293.31 — eclipsing its previous all-time high set in November. At press time, CoinGecko shows SOL up 16.4% on the day at a current price of $291.79. The Ethereum killer is the best-performing among the top 10 coins over the past 24 hours. SOL is the fourth-largest crypto with a market cap of $139 billion. SOL ETFs Next? Meanwhile, some crypto commentators expect a U.S.-listed spot Solana exchange-traded fund (ETF) to be approved by the end of this year, thanks to the anticipations of a more pro-crypto White House after Trump’s inauguration on Jan. 20. As ZyCrypto reported earlier, banking giant JPMorgan estimates that SOL-based products could attract between $3 billion and $6 billion within the first six to 12 months if approved. That said, whether SOL is classed as an unregistered security or a commodity by the new Securities and Exchange Commission commissioners will be pivotal in the ETF approval process. Crypto Potato
Solana Price Is Breaking Out Of This Bullish Pattern — SOL To $4,700?
The Solana price has been in red-hot form over the past week, making a play for a new all-time high this weekend. United States President-elect Donald Trump successfully launched the Official Trump (TRUMP) meme coin on the Solana network, triggering the latest bullish momentum for the SOL token. This recent burst of positivity has now pushed Solana into an exciting price setup, which could see its value skyrocket over the next few months. According to a popular crypto analyst on social media platform X, the Solano price could be on its way to $4,700. Is SOL Price Gearing For A Parabolic Move? Prominent crypto pundit Ali Martinez took to the X platform to share an interesting update on the Solana price setup. According to the crypto trader, the price of SOL has just broken out of a bullish pattern, setting the stage for a parabolic move. Related Reading: Bitcoin Price Forecast Of $150,000 ‘Too Low’ Amid Rising Adoption, Crypto Trader Says This bullish pattern is a cup and handle formation on the Solana monthly chart. As the name suggests, a cup and handle pattern is a technical analysis formation that looks like a cup with a handle. The cup typically is formed like the letter “u” while the handle is tilted a little downward. The cup and handle pattern serves as a bullish indicator, suggesting that an upward trend is going to continue. To validate the bullish setup, though, the cryptocurrency’s price needs to close above the upper boundary of the handle. As seen in the highlighted chart, the Solana price appears to have successfully breached the handle’s upper trendline around the $220 mark. A price target is calculated by measuring the length from the right cup lip (breakout point) to the cup’s bottom and adding it to the breakout level. According to Martinez, SOL could travel as high as $4,700 if the altcoin’s price holds above the upper trendline. This potential move would represent a whopping 2,000% rally for Solana from its current price point. Solana Price At A Glance As of this writing, the price of SOL stands at around $262, reflecting a nearly 20% rally in the past 24 hours. Unsurprisingly, this price upswing has also impacted the coin’s action on broader timeframes, making it one of the best-performing large-cap assets in the past week. Related Reading: Crypto Analyst Sets $7,000 Target For Ethereum Price — Here’s How According to data from CoinGecko, the value of the Solana token has climbed by almost 40% in the last seven days. With a market cap of roughly $128 billion, SOL ranks as the fifth-largest cryptocurrency in the digital asset sector. Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView Crypto Potato
