Connect with us

cryptocurrency

TRUMP, MAGA, and other Trump-themed tokens crash after election day

Published

on



Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL. 

However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.

This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.

A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.

Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.



Source link

Altcoin

Ethereum Positioned For A ‘Major Move Upward’ In 2025, Analyst Forecasts

Published

on



Este artículo también está disponible en español.

According to crypto analyst Titan of Crypto, Ethereum (ETH) could be on the verge of a “major move upward” this year as it continues to form higher lows on the weekly chart. However, breaking through the persistent $4,000 resistance level remains a key hurdle for the cryptocurrency, before it goes on to create new highs.

Ethereum On The Brink Of A Massive Rally?

While frustration may be getting the better of ETH holders due to the digital asset’s below par price performance over the past two years, there could still be a chance to witness a complete turnaround in ETH’s price trajectory.

In a post on X, Titan of Crypto shared the following ETH weekly chart, illustrating how the digital asset has been consistently forming higher lows since 2022. If ETH maintains this trend, it could soon break through the crucial $4,000 level and potentially set new all-time highs (ATH) later this year.

titan
Source: Titan of Crypto on X

The analyst also applied Fibonacci extensions to estimate potential price targets, with the most optimistic projections reaching as high as $13,000 in 2026. Crypto trader Ted shared a similar outlook on ETH’s price action.

According to Ted, once ETH reclaims the $4,000 mark, it could soon surpass its previous ATH. He further predicted that ETH could surge to $9,000 within 3 to 4 months. Additionally, he noted that US President Donald Trump’s recent ETH purchases could provide further upside momentum for the digital asset.

Indeed, Trump’s decentralized finance (DeFi) project dubbed World Liberty Financial (WLF) has been on an ETH buying spree. In December 2024, WLF bought 722 ETH, worth $2.5 million at the prevailing market price. 

Technical analysis trader Alex Clay also sees ETH’s current downtrend as a potential buying opportunity. Clay highlighted that ETH has not only completed its falling wedge pattern but also successfully defended the $3,000 support level. He added:

Time to reverse the short-term trend! Send $ETH to $4,000, $4,500, $5,000.

clay
Source: Alex Clay on X

ETH: An Overcrowded Trade?

While the above analyses may offer hope to ETH traders, seasoned crypto analyst Ali Martinez cautions that the bullish head-and-shoulder pattern on ETH’s daily chart could be turning into an overcrowded trade. He added:

If the pattern holds, any dip to $2,900 could be a buying opportunity, but keep your stop-loss tight between $2,700 and $2,500.

That said, crypto analyst Mister Crypto recently remarked that Ethereum has “likely bottomed out” and could be on the verge of a breakout to the upside. At press time, ETH trades at $3,095, down 2.2% in the past 24 hours.

ethereum
ETH trades at $3,095 on the daily chart | Source: ETHUSDT on TradingView.com

Featured image from Unsplash, charts from X and Tradingview.com



Source link

Continue Reading

Bitcoin

Bitcoin dips below $102,000: Crypto faces resilience test

Published

on


Bitcoin’s trajectory is rarely a smooth one, and its latest tumble is in stark contrast to what investors and traders expected on the heels of President Donald Trump’s inauguration.

At last check, Bitcoin (BTC) traded at just above $101,000 Sunday night — down 3%.

The Trump factor

Bitcoin enthusiasts were optimistic as Trump began his second term as president, anticipating a wave of pro-crypto policies. Yet, the inauguration speech lacked any nod to digital assets, and the market took notice.

Investors who had bet on a crypto-friendly administration were left disappointed, prompting a wave of sell-offs.

Adding fuel to the fire, a pair of meme coins tied to the Trump brand — dubbed Official Trump (TRUMP) and “Melania” — entered the market with a burst of enthusiasm, only to crash spectacularly.

The Trump token halved in value just days after its debut, while the Melania coin fared even worse, losing 74% of its worth. These flashy but short-lived ventures added instability to an already jittery market.

Economic crosswinds

Meanwhile, robust economic data from the U.S. played a dual role. While the strong performance of traditional markets offered reassurance to some investors, it also diverted capital away from riskier assets like cryptocurrencies. The interplay of these macroeconomic forces further compounded Bitcoin’s struggles.

Glimmers of hope

Despite the turbulence, Bitcoin still holds significant value, trading above $100,000—a level many would have deemed improbable just a few years ago.

In the long term, optimism remains. Larry Fink, CEO of BlackRock, and other crypto bulls and firms that offer exchange-traded funds (ETFs) envision a monumental surge.

Fink predicted Bitcoin could soar to $700,000 as institutional investors deepen their foray into crypto.

What’s next?

For now, the crypto market faces a crucial test of resilience. While Bitcoin’s downturn has shaken confidence, the broader community remains steadfast, seeing these fluctuations as par for the course.

At press time, Bitcoin is valued at approximately $101,477. See below.

Bitcoin plummets below $102,000: Crypto market faces test of resilience - 1
Source: CoinGecko



Source link

Continue Reading

Bitcoin

Bitcoin To $122K Next Month? Research Predicts Big Move

Published

on



Este artículo también está disponible en español.

Many analysts are ruminating on the next significant milestone, as the remarkable price increase of Bitcoin has captivated the market’s attention. A research company, 10x Research, predicts thatthe alpha coin could reach $122,000 by February. Although this may appear to be an ambitious goal, it is consistent with the optimistic perspective of numerous experts who have observed Bitcoin’s capacity to surpass critical price thresholds since the approval of Bitcoin ETFs.

Bitcoin: Robust Momentum

The momentum of Bitcoin is undeniable. In recent months, its price has fluctuated in a consistent manner, with periodic increases that have typically occurred within the $16,000–$18,000 range.

Markus Thielen of 10x Research believes that these consistent increases indicate a continuation of upward movement, which implies that $122,000 is feasible in the near future. Thielen underscores that the crypto asset’s market conduct may experience a pause upon attaining this objective, despite the optimistic outlook.

After hitting $98k, BTC retested its “wedge breakout.” Source: 10x Research

Thielen believes Bitcoin’s breakout presents a “low-risk, high-reward entry opportunity,” with Bitcoin trading at $105,727. He noted that after Donald Trump’s inauguration, BTC tested the $101,000 resistance, making it a favorable time to buy with stop-losses around $98,000.

Thielen also pointed out that Bitcoin has risen in $16,000–$18,000 increments since the launch of spot Bitcoin ETFs in the US, suggesting it could reach $122,000 by February before entering another consolidation phase.

Expectation Of Consolidation Following The Surge

A period of consolidation may ensue following Bitcoin’s prospective ascent to $122,000. This phase, during which its price stabilizes prior to another outburst, has been a recurring trend throughout its history. Investors should anticipate this period of sideways price action, which may present new opportunities for those who are anticipating a more favorable entry point.

BTC price up in the last day. Source: CoinMarketCap

Strength In Relation To The Stock Market

The optimistic forecast is also in line with the relative strength of Bitcoin in comparison to traditional markets. Despite the challenges that equities have encountered, it has demonstrated remarkable resilience.

BTC market cap currently at $2.09 trillion. Chart: TradingView

Due to the increasing number of institutional investors who are investing in Bitcoin, the price of this digital asset is becoming less correlated with the broader financial market. This pattern has the potential to intensify the upward trajectory toward $12,000.

Meanwhile, according to current price predictions, the price of Bitcoin is predicted to rise by 24% and reach $ 130k by February 21, 2025. Technical indicators, according to CoinCodex, show the current sentiment is Bullish while the Fear & Greed Index is showing 84 (Extreme Greed).

When?

Though historical success of Bitcoin does not ensure future outcomes, the present conditions are favorable for more growth. The cornerstone for any price increases is Bitcoin’s ability to profit on positive news, such as ETF approvals, together with institutional support. The question is not whether Bitcoin will hit $122,000; rather, when.

Featured image from Getty Images, chart from TradingView



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon