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Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?
With Donald Trump’s win in the 2024 US elections, the crypto enthusiasts’ daydreams have come true, as the crypto market is on the uptrend. In the last 24 hours, the global market capitalization has surged to $2.52T, and trading volume is up to $174 Billion, clearly signifying the traders’ rising interest. More importantly, most crypto coins have achieved new gains, including Bitcoin, Ethereum, and more, but the Trump memecoins have plummeted heavily, concerning holders for its future.
Analyzing The Trump Memecoins 50% Drop
With Donald Trump’s win, the biggest impact was on the Bitcoin price, which hit an all-time high of $76,460.15. More importantly, other popular altcoins have surged to new highs, but the Trump memecoins plummeted heavily. However, it does not mean that these tokens missed the market rally. Interestingly, they were the first to jump, witnessing quite a surge.
There are four Trump coins to buy, MAGA (MAGA), MAGA (Trump), Dark MAGA (DMAGA), and Super Trump (STRUMP), and these are also the most favored by investors. However, all these had a significant rally before tanking 50% today. Here, the TRUMP token is presently trading at $2.22 despite its peak of $4.6 on November 6 after the US election result. Around the same time, MAGA recovered to $0.0002048 before falling to $0.00009533 today.
The biggest drop is in the DMAGA token price, as at one point, it surged to $0.02034, which was quite close to its all-time high of $0.0232. However, now it has dropped to $0.005401, disappointing its holders. Last but not least, the same is the STRUMP, which is now worth $0.002345 despite yesterday’s peak of $0.0084.
Overall, all the Trump memecoins had a 180 shift in the last few hours, which is not what the holders have been waiting for.
What Are The Reasons Behind All These Trump Token Dips?
As per Arkham intelligence, Donald Trump’s crypto holdings include $1.33M worth of TRUMP tokens. Many crypto analysts claim that it is a positive factor that could boost Trump-themed coins after the election win. However, instead of gains, they are facing a major decline, and the biggest reason behind this is that investors have shifted to other popular cryptos like Bitcoin, Ethereum, and others.
It is one of the most common trading practices, where investors flock to rising cryptos or to those that offer long-term investment benefits. This is how a dormant Ethereum whale made $30M today after returning to the market after 8 years.
With this focus shift and heavy selling pressure on the Trump memecoins after sellers took advantage of the early rally, the tokens are following a downtrend. As a result, even Donald’s TRUMP holdings are facing a 27.3% drop, and the same is true with remaining holders. However, this might be a temporary consolidation, which happened after its sudden rise past Trump’s win.
More importantly, as the market is focused on bigger cryptos, popular memecoins like these might face high volatility for the next few days. Once the selling pressure cools off, these Trump tokens might regain strength, but the consolidation might continue for now.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The crypto market concluded yet another week, primarily sparking investor optimism with recovering price trajectories. Bitcoin (BTC) price recovered from a $76K low to reach $84K right ahead of the U.S. FOMC next week. Whereas, major-league altcoins also mimicked price gains. The global cryptocurrency market cap again embarked upon a trajectory towards the $3 trillion mark as the week comes to an end.
Mentioned below are some of the top crypto market updates reported by CoinGape Media over the past week.
Crypto Market: Bitcoin Advancements This Week
The flagship crypto has witnessed significant developments over the past seven days, keeping investors optimistic despite price turbulence. Notably, global financial services firm Cantor Fitzgerald launched a $2 billion Bitcoin financing business, partnering with Anchorage Digital and Copper for secure institutional access.
On the other hand, Cathie Wood’s Ark Invest expanded its Bitcoin holdings, accumulating 997 BTC worth $80 million via Coinbase this week.
Also, despite the recent market turmoil, 95% of investors in the U.S. spot Bitcoin ETFs continue to hold onto their holdings. As a result, market watchers continue weighing optimism over long-term price prospects.
It’s also noteworthy that the Singapore Exchange (SGX) is planning to launch Bitcoin futures contracts shortly ahead.
Moreover, Deutsche Boerse’s post-trade unit Clearstream plans to launch Bitcoin & Ethereum custody services by the end of this year. Mentioned above are the top crypto market updates orbiting Bitcoin over the past week.
Are Prices Bracing For Macro Events?
Meanwhile, the broader market shows a recovery-like trend ahead of the U.S. FOMC next week. Set to occur on March 19, the monetary policymaking decision remains much eyed by investors globally.
Market-wide expectations of unchanged interest rates by the U.S. Fed prevail at the moment. Also, the latest U.S. CPI data indicated cooling inflation, offering some support to risk assets. In turn, traders and investors speculate whether a price recovery is possible after the turmoil caused by Donald Trump’s tariff saga.
Global markets, including crypto, took severe heat previously, although recent price actions signal that a recovery and bull cycle continuation might be on the horizon.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana Cofounder Advocates For Decisive Governance As SIMD-228 Proposal Fails
Following the failed bid of a proposal to change network tokenomics, Solana cofounder Anatoly Yakovenko has reiterated the need for decisive governance. Yakovenko argues that failing fast will do more for Solana than a slew of proposal approvals.
Solana Governance Has To Prioritize Speed And Incisiveness
Solana co-founder Anatoly Yakovenko has moved on from the community’s rejection of the Solana Improvement Document (SIMD)-0228. Yakovenko noted that despite the failed proposal, the speed of governance proceedings for Solana left an impressive mark.
The SIMD-0228 sought to change Solana’s tokenomics by introducing a dynamic inflation model, moving away from the network’s fixed inflation schedule. While the proposal split the network over centralization fears and disadvantages to smaller validators, Yakovenko highlighted the silver lining in its rejection.
Learning from the proposal, the Solana cofounder disclosed that the network’s governance must be “fast and decisive.” For Yakovenko, the quick resolution of the proposal frees up resources for the network to explore a better approach.
“How fast the ecosystem iterates is a thousand times more important than making sure that every proposal passes,” said Yakovenko.
Over 74% of validators participated in the vote with Yakovenko declaring support for the proposal. Big ecosystem players including VanEck supported the proposal amid speculation that Solana price will spike following the approval.
Bulls Eye Upward Movement For SOL Price
Despite the rejection of the proposal, bulls are still clinging to hope that SOL can go on a parabolic rally. The network has faced significant downward pressure in recent weeks, complicated by Alameda’s SOL unstaking. A steep drop in Solana DEX volume darkens the cloud for the future of the asset’s price.
However, analysts are keeping their eyes on the potential repeat of a 2021 pattern that can send SOL price to $4,000. There is speculation that Solana is on course to surpass Ethereum’s market capitalization.
Optimist are hinging their prediction on on-chain metrics and the soaring number of projects building on the network. In the short term, traders have their eyes on SOL to $200 before the end of March despite a looming death cross.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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21Shares has announced that it is bringing down the curtain on its Bitcoin and Ethereum futures exchange-traded funds (ETFs). The issuer is eyeing March 28 as a tentative date for the liquidation of both ETFs amid a wave of new filings in the US.
21Shares Set To Liquidate Bitcoin and Ethereum ETFs
According to an announcement, crypto ETF issuer 21Shares has disclosed plans to ditch its Bitcoin and Ethereum futures ETFs. Per the announcement, the affected ETFs are the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF.
While the press release did not give clear reasons for the liquidations, it hinged its decision on a periodic review of its offerings. The statement cited a need to align existing product lineups with market dynamics and clients’ needs in a changing landscape.
However, pundits say the liquidations are a result of jarring ETF outflows in recent months.
Shareholders can sell their holdings up until March 27, a date touted as the last trading day for both ETFs. 21Shares plans to put the final nail in the coffin for both ETFs on March 28, liquidating all remaining assets.
“Shareholders who continue to hold shares of a Fund on the Fund’s Liquidation Date will receive a liquidating distribution with a value equal to their proportionate ownership interest in the Fund,” read the press release.
Increased ETF Activity In The Cryptoverse
Despite the wave of outflows, the ETF space is sizzling with frenetic activity. Buoyed by impressive returns, 21Shares slashed fees to 0.49% for its Bitcoin Ethereum Core ETPs.
Bitwise has rolled out its OWNB ETF to track companies holding Bitcoin on their balance sheets. Bitcoin ETF investors continue to put their faith in offerings in the face of price amid Rex Shares launching the first Bitcoin Corporate Bond Convertible ETF
Outside of Bitcoin, several issuers have filed for XRP, HBAR, DOGE, and AVAX ETFs with the US SEC. For Ethereum investors, CBOE has applied to the SEC to approve staking in Fidelity’s ETH ETF.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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