Crypto traders have quickly capitalized on the launch of Official Trump (TRUMP), a Solana-based memecoin introduced by U.S. President-elect Donald Trump.
Unveiled on Jan. 17, just before Trump’s inauguration as the 47th president, TRUMP reached a market cap of nearly $9 billion within hours, surpassing popular memecoins like Pepe and Bonk.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW,” Trump announced on Truth Social and X.
While some in the crypto community questioned the authenticity of the project, a source close to Trump’s family confirmed to Cointelegraph that the initiative is legitimate and ties into his existing NFT ventures.
A surge of trades underscored the token’s rapid rise. Blockchain analytics firm Lookonchain reported that a wallet named “LeBron” turned a $1 million investment into over $2 million by acquiring 4.52 million TRUMP tokens shortly after launch.
Another trader made $70 million in under four hours, converting an initial $1.1 million investment into significant profits by selling 1.35 million TRUMP for 3.65 million USDC while keeping additional tokens valued at $67.5 million.
Pseudonymous trader 0xsun also saw substantial gains, purchasing nearly 1 million TRUMP tokens with 3,000 Solana (worth $653,000) and later selling part of their holdings for $812,000, netting over $3.7 million in profit.
Whales joined the frenzy as well, with one withdrawing 61,205 SOL, valued at $14.3 million, to purchase 1.27 million TRUMP tokens. Another whale spent 8.5 million USDC to acquire 1.03 million tokens at an average price of $8.28.
At the time of writing, TRUMP traded at $18.82 with a market cap of $4.28 billion, a 10,222% increase since launch. The project’s website details a total supply of 1 billion tokens, with 200 million unlocked at launch and the remainder distributed over three years.
The U.S. Securities and Exchange Commission (SEC) has charged Digital Currency Group (DCG) and former Genesis CEO Soichoro “Michael” Moro with providing misleading information to investors about Genesis’s financial state following the collapse of Three Arrows Capital (3AC).
According to a filing dated Jan. 17, DCG and Moro have agreed to pay $38.5 million in civil penalties. DCG is responsible for $38 million, while Moro will pay $500,000.
Both parties consented to the penalties without admitting to or denying violations of the Securities Act of 1933.
This settlement is the latest development in the legal troubles surrounding Genesis, which filed for Chapter 11 bankruptcy in January 2023 after a 2022 default by its borrower, 3AC.
The collapse of 3AC sent shockwaves through the cryptocurrency sector. The now-defunct hedge fund had invested approximately $570 million in 10.9 million locked LUNA tokens before Terra’s ecosystem collapsed in May 2022.
This investment lost over 99% of its value, dropping to just $670 by June 2024. The financial impact severely impaired 3AC’s ability to repay loans, affecting its creditors.
By June 16, 2022, 3AC failed to meet margin calls, prompting the liquidation of certain positions. On June 27, a British Virgin Islands court ordered the fund to liquidate its assets.
The liquidation coincided with Voyager Digital issuing a default notice to 3AC for failing to repay a loan of 15,250 Bitcoin.
In the aftermath, former Genesis CEO Michael Moro attempted to reassure investors, stating in July 2022, “We previously stated in June that we mitigated our losses with respect to a large counterparty who failed to meet a margin call.”
This settlement marks a critical chapter in the ongoing fallout from 3AC’s collapse and its broader impact on the crypto industry.
Bitcoin could reach $130,000 this cycle, a target described as a “great result” by seasoned trader and DecenTrader co-founder Filbfilb.
In a recent interview with Cointelegraph, Filbfilb shared insights on Bitcoin’s trajectory amid a recovering market and incoming political changes in the U.S.
Trump Administration and Bitcoin Market Dynamics
After rebounding from two-month lows, Bitcoin is trading above $100,000 as of Jan. 17, according to Cointelegraph Markets Pro and TradingView data.
Filbfilb believes the Trump administration’s pro-Bitcoin stance could boost the market. However, potential trade wars could disrupt the broader risk-asset rally.
Despite these uncertainties, Filbfilb predicts Bitcoin will maintain its leadership in the crypto market, possibly achieving record dominance. He remains optimistic about Bitcoin’s ability to outperform equities if favorable policies are enacted quickly.
Short-Term Expectations and Market Reactions
In response to potential unmet expectations regarding executive orders, Filbfilb said, “I had anticipated a bumpy open to the year with a recovery in the second part of the month, which is what we have seen so far.”
While Bitcoin’s current price reflects cautious optimism, he noted, “If something like this is ruled out, I’m sure there would be a dip, but probably an overreaction and perhaps an opportunity.”
MicroStrategy and Bitcoin Correlation
Discussing MicroStrategy’s stock performance, Filbfilb dismissed claims of it being a “ponzi scheme” but acknowledged its risks.
“At present, the premium over net asset value (NAV) is around 2, similar to levels seen when Bitcoin consolidated around $60,000-$70,000,” he explained.
If Bitcoin surpasses $100,000, he expects MicroStrategy’s stock to surge, driven by increased interest in Bitcoin. “Short term, I’m not too concerned about a major retracement for MSTR, unless there is a big pullback in Bitcoin,” he added.
Long-term concerns about MicroStrategy’s debt servicing are noted but remain a topic for the future.
As President-elect Donald Trump’s inauguration approaches, Bitcoin enthusiasts are anticipating a potential price surge, driven by his pro-crypto promises, including the establishment of a national Bitcoin reserve.
Central to this discussion is Senator Cynthia Lummis’ BITCOIN Act of 2024. This controversial bill proposes that the Treasury acquire 1 million BTC over five years, with annual purchases of 200,000 BTC.
The proposal has sparked heated debate among crypto analysts. Some view a Bitcoin reserve as a safeguard against the flaws of the fiat monetary system, while others warn of the potential for economic instability. Critics suggest it could trigger hyperinflation for the dollar, while proponents argue that delaying Bitcoin adoption may leave the US lagging behind.
Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, framed the debate as a paradox: “Should Bitcoin be adopted early because the dollar is weakening, or could adopting Bitcoin itself be the catalyst for the dollar’s decline?”
Global Perspectives on Bitcoin Adoption
In Suriname, independent presidential candidate Maya Parbhoe has built her campaign around anti-corruption and fiscal reform, inspired by El Salvador’s Bitcoin adoption.
Parbhoe criticized traditional monetary systems, stating, “Endless money printing and [a] Ponzi-like banking system has created a loser game that leads to hyperinflation.” She believes Bitcoin adoption could curb reckless fiscal policies, forcing governments to operate within their means and restoring public trust in the monetary system.
“Failing to adopt Bitcoin as a reserve asset is equivalent to ignoring the internet in the 1990s. It’s financial suicide,” she warned.
Samson Mow, CEO of Bitcoin accelerator Jan3, echoed these sentiments, emphasizing the potential for Bitcoin reserves to offset US debt. “If the US adopts Bitcoin on a meaningful scale… it could use the future appreciation of Bitcoin to offset or even eliminate the debt,” Mow said.
Elon Bromance could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Elon Bromance (ELOBRO), a new Solana memecoin that was launched today, is set to explode over 19,000% in price in the coming days.
This is because ELOBRO is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Elon Bromance can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Elon Bromance could become the next viral memecoin.
Elon Bromance launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
How to Buy
To buy Elon Bromance on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Elon Bromance by entering its contract address – FY7aYv7K3yEE9Z8hzgURj5z7biTE8Z6BpunBPAnCEpxj – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like ELOBRO.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Elon Bromance could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Elon Bromance (ELOBRO), a new Solana memecoin that was launched today, is set to explode over 19,000% in price in the coming days.
This is because ELOBRO is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Elon Bromance can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Elon Bromance could become the next viral memecoin.
Elon Bromance launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
How to Buy
To buy Elon Bromance on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Elon Bromance by entering its contract address – FY7aYv7K3yEE9Z8hzgURj5z7biTE8Z6BpunBPAnCEpxj – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like ELOBRO.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
XRP climbed to its highest level since January 2018, driven by optimism surrounding emerging crypto regulations, even as the US Securities and Exchange Commission (SEC) filed an appeal against a key court ruling.
The price of XRP surged to $3.20 on Jan. 15, marking a seven-year high, before retreating slightly to $3.09 as of 8:45 a.m. UTC on Jan. 16. CoinMarketCap data shows XRP gained over 32% in the past week.
This rally occurred despite the SEC’s appeal filed on Jan. 15. The agency seeks to overturn a July 2023 decision by District Judge Analisa Torres, which ruled that XRP sales to retail investors were not unregistered securities.
Ryan Lee, chief analyst at Bitget Research, noted that XRP’s price momentum is largely due to Ripple Labs’ partial legal victories and growing investor optimism about regulatory clarity.
“XRP’s surge can be attributed to favorable outcomes in Ripple’s SEC lawsuit and a more crypto-friendly political climate in the US. If regulatory uncertainties are resolved, the influx of institutional investors could further solidify XRP’s position in the crypto market,” Lee told Cointelegraph.
RippleNet’s expanding adoption has also strengthened XRP’s appeal in the market, Lee added.
Investor confidence is rising ahead of US President-elect Donald Trump’s inauguration on Jan. 20. His administration is expected to provide greater regulatory clarity for cryptocurrencies and consider the Bitcoin Act, aimed at establishing a strategic Bitcoin reserve for the US economy.
Looking ahead, an XRP exchange-traded fund (ETF) could serve as a major price catalyst in 2025. JPMorgan estimates that an approved XRP ETF could attract $3 billion to $6 billion in net new investments, similar to Ether ETFs.
Some analysts predict XRP could surpass $14, supported by technical indicators like a bullish pennant formation. Crypto analyst Steph Is Crypto highlighted potential targets of $14 and $5 in a recent post.
Elon Bromance could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Elon Bromance (ELOBRO), a new Solana memecoin that was launched today, is set to explode over 19,000% in price in the coming days.
This is because ELOBRO is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Elon Bromance can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Elon Bromance could become the next viral memecoin.
Elon Bromance launched with over $9,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
How to Buy
To buy Elon Bromance on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Elon Bromance by entering its contract address – FY7aYv7K3yEE9Z8hzgURj5z7biTE8Z6BpunBPAnCEpxj – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like ELOBRO.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Trump AI Coin (TRUMPAI) could turn early investors into multi-millionaires, like other memecoins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), did.
Trump AI Coin (TRUMPAI), a Solana memecoin launched today, is set to explode over 14,000% in price in the coming days.
This is because TRUMPAI is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and cause its price to rally, which will benefit investors who buy before these new exchange listings.
Currently, Trump AI Coin (TRUMPAI) can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Trump AI Coin (TRUMPAI) could become the next viral memecoin.
Trump AI Coin (TRUMPAI) launched with over $8,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
How to Buy
To buy Trump AI Coin (TRUMPAI) on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Trump AI Coin (TRUMPAI) by entering its contract address – GmW5qPRZ4TfoTw6U1KL9Btxn1uqXJJhieMAfeJk4wkbg – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like TRUMPAI.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Bitcoin could struggle to maintain momentum even if it reclaims the $100,000 level, according to new analysis.
In a Jan. 16 X post, trading resource Stockmoney Lizards predicted that BTC/USD still has weeks of rangebound trading ahead.
$102,000: A Tough Barrier for Bitcoin
After bouncing from recent two-month lows, Bitcoin’s recovery remains uncertain. Stockmoney Lizards highlighted that while Bitcoin has touched $100,000, a stronger resistance level at $102,000 poses a significant challenge.
“BTC is entering a resistance zone (upper channel level),” the analysis stated, accompanied by a 4-hour chart.
“Fibs are drawn here and should guide future short-term PA: 1. 91-92k is the high volume lower support level (1.618 Fib Extension) 2. If BTC moves higher, the previous high at 102k will be the hardest nut to crack.”
At the time of writing, BTC/USD hovered around $99,000, buoyed by positive US inflation data. However, Stockmoney Lizards cautioned that a bull market recovery in January remains unlikely.
“Conclusion: A rejection from here is likely, we expect BTC to continue trading in the 90-100k range in the next weeks,” the post added.
Mixed Sentiment Among Traders
Other analysts echoed the challenges at $102,000. Popular X account BigMike7335 noted, “$BTC must flip $102k into support to remove us from the threat of the triangle IMO,” sharing a 12-hour chart with key indicators.
Meanwhile, some traders remained optimistic, pointing to the invalidation of a bearish head and shoulders reversal pattern.
“And just like that, head and shoulder breakdown sellers completely and utterly rekt,” trader Bluntz tweeted.
Bitcoin’s price action continues to captivate traders, as many await further clarity on whether it can sustain its gains or face renewed selling pressure.