Trump Declares That His Memecoin Is The Greatest: The Price Soars
The American president Donald Trump has boosted the value of his official crypto ($TRUMP) after publicly endorsing it on social media. This direct promotion of an asset held 80% by his affiliated companies raises significant ethical and constitutional questions.
On Sunday morning, Donald Trump praised the $TRUMP token on his social network TruthSocial. At 10:33 AM Eastern time, he sent a message: “I LOVE $TRUMP! So cool! The best of all!!!!!!!!!!!!!“
This statement immediately triggered market reactions, driving the token’s price above $12.25.
This crypto, based on the Solana blockchain, recorded a 7.7% increase over the day, reaching $11.67, according to CoinGecko data . However, despite this rise, the token remains down 84% from its all-time high of $73.4 set at its launch in January.
Luis Buenaventura, crypto head at GCash, indicated to Decrypt that this price evolution reflects limited market enthusiasm for this token, even though investors perceive its potential to generate short-term profits.
This direct presidential support for a crypto asset in which he indirectly holds a significant stake raises serious ethical questions. According to the project’s official documentation, the president’s affiliated companies, CIC Digital LLC and Fight Fight Fight LLC, collectively control 80% of the total token supply.
Andrew Rossow, a lawyer specializing in digital media, identified three major constitutional issues related to this situation:
This initiative is part of a broader strategy by President Trump, who promised during his campaign to make the United States a global leader in crypto. His plans include the establishment of a strategic bitcoin reserve and a reform of American monetary policy.
Earlier this month, World Liberty Financial, another decentralized financial project associated with the Trump family, generated approximately $390 million in revenue through its second series of token sales.
Representatives of President Trump did not immediately respond to requests for comments on these issues. Meanwhile, the U.S. Congress is preparing the MEME Act aimed at prohibiting political officials from issuing or promoting cryptos.
Dogecoin Open Interest Tops 9.78 Billion DOGE as Price Eyes Reset
The digital asset market has seen a rally in some coins, with Dogecoin (DOGE) mirroring the recovery moves of Bitcoin ( $BTC ). This rebound in the price of DOGE is also showcased by a surge in open interest over the past 24 hours.
Renewed market interest sparks DOGE rebound
CoinGlass data reveals that $DOGE has recorded a 5.75% increase within this time frame as investors renewed interest in the meme coin. That is, investors have committed a total of 9.78 billion DOGE worth about $1.72 billion for open positions on the meme coin market.
This development sparks hope among market participants, who believe that DOGE might have rediscovered its upward trajectory.
As of press time, DOGE price was valued at $0.1765 on the open market, a 3.17% increase in the last 24 hours. Investor engagement increased massively as trading volume surged by 58.45% to $787.32 million.
Interestingly, community sentiment is bullish as DOGE attempts to reach key price levels. Many anticipate the meme coin will breach the resistance level of $0.18 if the current rally sustains its momentum.
Notable on-chain i believe Dogecoin’s Bollinger Bands have narrowed, which is a positive signal. Generally, this development often leads to a major price rise in an asset.
Dogecoin flips Cardano (ADA) in market capitalization
Meanwhile, liquidation for DOGE has thinned out on the broader market, fueling hopes of a possible break.
The top meme coin recently recorded its lowest liquidation in months, and analysts believe this could support the asset’s price reset moves.
This positive development contributed to a rise in the market capitalization of Dogecoin, which helped it flip Cardano (ADA) in the rankings from eighth place.
DOGE’s market cap is currently at $26.16 billion, compared to ADA, which is $25.66 billion, per CoinMarketCap data.
Bonk Price Rally Begins: Here’s Why It Can Surge 150% Next?
$BONK price surged 9% today amid broader market recovery and investor interest, but this is just a start as analysts predict a 150% rally.
Unlike most meme coins, the Bonk price rally took time before getting in shape. Once it did, the price surged higher and higher, setting the ATH at $0.00005916 by 2024 end. However, since then, its struggles have been far more imminent due to high competition from newly launched meme-themed cryptocurrencies and the downtrend of the crypto market.
Regardless, another rally is in formation, as the token attempted recovery this week.
What’s happening? Let’s discuss.
BONK Price Surges 30% With High Investor Demand
With a strong downtrend, the BONK meme coin reached its bottom at the beginning of March, but a strong support uptrend soon followed. Since March 11, the BONK price has surged nearly 55%.
In the last week alone, the token’s worth has grown by 30% and 9% in the last 24 hours. With that, it currently trades at $0.00001451 with a market capitalization of $1.13B, becoming the 52nd cryptocurrency in the market.
This happened as the investors’ interest increased in the token—the 24-hour trading volume of $239.83M after more than a 100% surge, showcasing investor demand. However, analysts believe this is just the beginning of this popular Solana meme coin, and investors should buy it when the opportunity presents itself.
Analysts Advise Investors to Buy BONK Despite Downfalls
A crypto analyst with the pseudonym Altcoin Sherpa recently commented on the meme coins’ downfall, claiming that although these meme-based cryptos are smashed, they will eventually come back.
This statement is made after considering the performance of this asset, which is continuously down with the ongoing crypto market downtrend. However, a few analysts claimed there would be no full recovery, but Sherpa has discarded such claims.
In an X’s post, they revealed that hype or attention is driving these altcoins, and the lindy or old ones will make the earliest recovery.
Interestingly, this includes Solana’s popular meme coin BONK, as the analysts advise others to buy it despite its crash before revealing that they have a bag of it. Soon after this remark, the BONK price also grew, increasing the credibility of recovery and rally prediction.
BONK Price Prediction: Is a 150% Rally in Process?
Analysts have often predicted a recovery for this digital asset, but the recent recovery has escalated the possibility of a rally. One analyst presented a highly bullish BONK price prediction, claiming that it is breaking the falling wedge pattern, which indicates a massive uptrend.
A successful breakout could result in a 140-150% rally in the upcoming days, claims the expert. However, there’s also uncertainty around the token, as the seller’s dominance after this surge could result in a downtrend.
Final Thoughts: Price Rally Just Began
After a 30% surge over the week, the BONK meme coin currently stands at 76%, away from its ATH of $0.00005916. This surge came amid the broader crypto market recovery and high investor interest. A successful breakout from the current level could result in a new ATH, as analysts are bullish about the possibility of an uptrend.
Investors must further analyze the performance and trade accordingly, keeping both bearish and bullish scenarios. Stay connected for further updates.