CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

CoinDesk 2025-01-18 09:57:31

XRP, Ether Dive as 'Official' Trump Memecoin Bumps Solana 9% Higher

Top-performing xrp (XRP) and Ethereum’s ETH saw profit taking early Saturday as a Donald Trump-themed “official” memecoin attracted $3 billion in its first few hours after being issued on the Solana network, driving demand for SOL tokens. Price-action in bitcoin (BTC) and most majors, such as dogecoin (DOGE) and BNB Chain’s BNB, remained muted as the TRUMP token shifted sentiment for XRP and ETH. Traders perceived the Trump memecoin’s choice of issuing the token on Solana as bearish for Ethereum. An “official” memecoin linked to Trump was issued in early Asian hours Saturday from his verified X and Truth Social accounts. Prices ran from a few cents to $14 in less than six hours amid widespread confusion on whether the token was backed by Trump, as reported . Some fund managers consider the move to be bullish for memecoins: “The incoming President just gave everyone license to launch a memecoin - $SOL is getting the message, buckle up,” Placeholder VC partner Chris Burniske wrote on X. Elsewhere, XRP slumped as much as 5% to pare gains from a 40% gain over the past 7 days. Demand for XRP has surged since early November when Republican Trump won the U.S. presidential elections and promised to make the country a hotbed for local crypto businesses — improving sentiment for tokens linked to U.S. companies (XRP is closely related to New York-based Ripple Labs.) XRP broke the $3 mark for the first time since 2018 on Friday ahead of Trump’s inauguration on Jan. 20. The speculative move came on unconfirmed reports that Trump was open to an “America-first strategic reserve that would prioritize digital coins founded in the U.S., like Solana, USD Coin and Ripple.” Talks of any strategic reserve have so far only included plans for bitcoin holdings. Ripple CEO Brad Garlinghouse had at least one meeting with the President-elect in early January, bumping speculation that Ripple could potentially have a direct channel to influence the incoming administration, causing heightened interest in XRP.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.