Days before Trump’s inauguration as the President of the United States have turned out to be as volatile as it gets for crypto. Solana ATH, Bitcoin’s fluctuations, altcoins movements – is it all because of the POTUS’ meme coin?
ICYMI: Trump’s Coin based on Solana’s chain
The earthquake started on January 18th when, suddenly, the POTUS announced his Official Trump token launch. What’s the most important information for traders about this memecoin?
- The Official Trump (TRUMP) token is based on the Solana chain,
- Donald Trump has confirmed the authenticity of the token with official statements on X and TruthSocial,
- From approximately 1 billion tokens of maximum supply, 200 million of them are in circulation,
- Just a few hours after the launch, TRUMP’s trading volume surpassed Dogecoin, the oldest and the biggest meme coin, with an almost $60 market cap on Saturday.
- As it turns out, TRUMP is no longer as hot an asset as on Saturday because of the token introduced by… Trump’s wife. After the launch of MELANIA, TRUMP’s value plummeted by 40%.
- Nevertheless, Solana reached its ATH on Saturday 18th, with $294.33, according to CoinMarketCap.
Solana ATH: A testament of solid years
Solana ATH came from the unbelievable rally on January 18th. Its rapid growth started at the $219 level to already mentioned $294 in just a couple of hours. Does it mean that Solana presents a volatility known for less stable altcoins?
Absolutely not! The years of developing this crypto environment holistically – from its forefront token to proof-of-history mechanism and strengthening chain – have found appreciation from the most crucial person in the crypto community. Trump’s approval and decision to make its token relied on Solana’s chain hasn’t gone from nowhere. We’ve discussed Solana’s stable foundations here if you want to check them out.
What does it mean to other altcoins behind Bitcoin, including the most popular ones? Ethereum faces several challenges after TRUMP’s launch. The first one is pretty obvious – the popularity of Solana keeps growing as it enters the mainstream full-time. However, Ethereum holders also have to rethink the new POTUS attitude toward the ETH system. Trump suggested that Ethereum will play an essential role in his World Liberty Finance project. However, now it’s not as obvious as it was just before the weekend.
What’s next for crypto?
Just a few hours before the inauguration, Bitcoin is rising and will likely reach its all-time high level. Altcoins are emerging as well, so traders can see green colors everywhere. Solana ATH might be just the beginning of the massive movement of the crypto market.
Every trader should take this massive volatility into account. SimpleFX provides information and tools necessary to conduct thorough research and technical analysis with the SimpleFX Webtrader app, available on desktop and mobile.
