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Trump Memecoins Tanked More than 50%: Is It The End or Just A Temporary Downfall?

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2 weeks ago

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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.

Donald Trump token HoldingDonald Trump token Holding

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.

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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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Bitcoin Miner MARA Buys Another 5771 BTC As Price Nears $100k

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2 hours ago

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November 22, 2024

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Bitcoin miner MARA Holdings has expanded its cryptocurrency portfolio by purchasing an additional 5,771 BTC for $572 million. The acquisition was completed at an average price of $95,554 per Bitcoin, according to the company.

With its 0% convertible note offering, the company has achieved a 35% BTC yield per share and now owns a total of approximately 33,875 BTC, currently valued at $3.4 billion based on Bitcoin’s spot price of $99,000. This move follows Bitcoin’s ongoing rally, with the cryptocurrency nearing the $100,000 milestone amid increasing institutional demand and limited supply.

Bitcoin Miner MARA’s 0% Convertible Notes Drive Bitcoin Accumulation

MARA Holdings has leveraged its 0% convertible senior note offering to fund its Bitcoin acquisitions and other corporate activities. The company raised $1 billion from its latest offering, generating $980 million in net proceeds after fees and discounts. MARA revealed that a portion of these proceeds has been used to purchase 5,771 BTC at an average price of $95,554 per Bitcoin.

This recent acquisition reinforces MARA’s strategy to accumulate Bitcoin as a corporate asset. The company now holds approximately 33,875 BTC, solidifying its position as one of the largest Bitcoin-holding miners globally. In a statement, the company reported a 35% BTC yield per share, underscoring the financial benefits of its aggressive Bitcoin accumulation strategy.

By issuing zero-coupon convertible notes, MARA has been able to access funds without the immediate burden of interest payments, allowing the company to focus on expanding its Bitcoin reserves and scaling its mining operations.

Bitcoin Rallies Toward $100k

Bitcoin continues to surge, with its price reaching $99,742 earlier today and nearing the highly anticipated $100,000 milestone. This price rally has fueled optimism across the cryptocurrency market, with Bitcoin’s total market capitalization now surpassing $1.9 trillion.

Galaxy Digital CEO Mike Novogratz described Bitcoin’s price movement as “a big moment,” highlighting the resilience of the crypto community during volatile times. “Shoutout to the crypto community. You’ve endured years of uncertainty and headwinds,” he noted in a recent social media post.

The rally has been driven by several factors, including rising institutional interest, expectations of regulatory clarity, and Bitcoin’s upcoming halving event in 2024, which is expected to reduce supply while demand continues to grow. However, some analysts have warned of potential short-term BTC price corrections as the market faces increased leverage and speculative activity.

Marathon Digital’s Growth Strategy Mirrors Saylor’s Playbook

MARA’s latest Bitcoin purchase aligns with strategies popularized by MicroStrategy’s Michael Saylor, who has championed Bitcoin as a corporate reserve asset. Saylor has often advocated for accumulating Bitcoin during dips, leveraging corporate debt to acquire the asset for long-term growth.

MARA’s use of convertible notes to fund its Bitcoin acquisitions mirrors this approach. The company has strategically positioned itself to benefit from Bitcoin’s price appreciation, viewing the cryptocurrency as a store of value and a hedge against inflation.

In addition to acquiring Bitcoin, MARA plans to allocate funds from its convertible note offering to expand mining operations, pursue strategic acquisitions, and repay debt. This diversification ensures the company remains financially stable while increasing its exposure to Bitcoin’s growth potential.

Regulatory Developments and Institutional Demand Support Bitcoin’s Momentum

The increasing corporate interest in Bitcoin comes amid growing optimism surrounding regulatory clarity and the potential approval of a U.S. spot Bitcoin ETF. Spot ETF inflows are expected to make Bitcoin more accessible to traditional investors, further boosting demand.

Meanwhile, U.S. Senator Cynthia Lummis recently suggested that Bitcoin could play a role in reducing national debt over the next 20 years, sparking interest in its long-term economic potential. As institutional and corporate players like MARA continue to strengthen their Bitcoin positions, the cryptocurrency’s path toward $100,000 could serve as a catalyst for further adoption.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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 Hits New ATH On Huge Whale Accumulation, More Gains Ahead?

Published

18 hours ago

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November 22, 2024

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Solana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.

Solana Hits New ATH Amid Massive Whale Buying

According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.

Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.

Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.

Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.

Coin Price Gians 8% Breaking ATH

SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.

Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.

Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.

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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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“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role

Published

22 hours ago

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November 22, 2024

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Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.

This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.

Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump

According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.

As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.

The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.

Trump’s Strategic Approach to Digital Asset Policy

President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.

Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.

The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.

Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,

“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”

His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,

“I would be honored to be considered for the role.”

The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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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