The crypto market continues to trade under bullish influence as Bitcoin prices are sustained above $103K. Meanwhile, the other altcoins continue to soar within a small margin; a couple of them have surged magnificently. Solana’s price surged above $235 in a small timeframe, while Ethereum’s price remains consolidated below $3,300 and the XRP price continues to trade along the gains. On the other hand, newly launched tokens are also making huge noise within the markets, suggesting a massive price action could be on the horizon.
In an interesting update, the next President of the U.S., Donald Trump, officially launched a memecoin on Solana, TRUMP. Meanwhile, it was speculated that the account could be compromised but no further update was given 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 smashed a $15 billion market cap in just 4 hours, which hints towards huge liquidity sitting on the sidelines ready to be deployed. Therefore, in the coming weeks, this is expected to enter other popular tokens too. Currently, the token has absorbed all the liquidity, which is not believed to prevail for long. Does this hint have to be a good time to accumulate altcoins?
Since the launch of TRUMP, the prices have surged along with the SOL price, but the other popular altcoins like BTC, ETH, XRP, and other major tokens have plunged. This could suggest the traders selling their long-term holdings to buy TRUMP. Will this end up being good for the market participants?
The TRUMP price has surged by over 120% and entered the top 50 cryptos with a market cap of around $2.86 billion. While the memecoin space was mocked by many as it lacked fundamentals, now it has been validated by one of the most popular men. Besides, it is also a testament to the unstoppable power of memes and community-driven assets in Web 3. While some believed it to be a short-term rally, some consider there is yet more incoming. Therefore, the upcoming weekend could be important to determine the liquidity flow within the markets.
