THE crypto market continues to trade under bullish influence as Bitcoin Prices are maintained above $103,000. Meanwhile, other altcoins continue to soar by a small margin; some of them made a magnificent leap. Solana’s price surged above $235 in a short time, while The price of Ethereum remains consolidated below $3,300 and XRP price continues to trade with gains. On the other hand, the recently launched tokens are also making a lot of noise in the markets, suggesting that massive price action could be on the horizon.
In an interesting update, the next President of the United States, Donald Trump, has officially launched a memecoin on Solana, TRUMP. During this time, it was speculated that the account might be compromised, but no further updates were provided even after hours of launch. On the other hand, Solana’s 24-hour DEX trading volume soared to over $7 billion, setting a new all-time high.
Meanwhile, TRUMP shattered a $15 billion market cap in just 4 hours, suggesting massive liquidity sitting in wait, ready to be deployed. Therefore, in the coming weeks, this is expected to enter other popular tokens as well. Currently, the token has absorbed all liquidity, which is not expected to last long. Should this index be a good time to accumulate altcoins?
Since TRUMP’s launch, prices have risen along with SOL price, but other popular altcoins like BTC, ETH, XRP, and other major tokens have plunged. This could suggest traders to sell their long-term holdings to buy TRUMP. Will this end up being beneficial for market participants?
TRUMP’s price surged more than 120% and entered the top 50 cryptocurrencies with a market capitalization of around $2.86 billion. While many mocked the memecoin space for lacking fundamentals, it has now been validated by one of the most popular men. Furthermore, this also speaks to the unstoppable power of memes and community assets in Web 3. While some thought this was a short-term rally, others believe there is more to come . Next weekend could therefore be important in determining the flow of liquidity in the markets.
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