XRP and Ether Decline as Trump Memecoin Boosts Solana by 9%
XRP and Ethereum (ETH) experienced profit-taking as a new Donald Trump-themed memecoin generated $3 billion shortly after its release on the Solana network. This development shifted market sentiment, particularly affecting SOL tokens.
- Price action for Bitcoin (BTC), Dogecoin (DOGE), and BNB Chain's BNB remained stable.
- The memecoin launched from Trump's verified social media accounts saw prices surge from cents to $14 in under six hours.
- Market reactions included skepticism about the token's backing by Trump, leading to mixed sentiments.
- Fund managers view the issuance as bullish for memecoins, indicating increased activity in the sector.
- XRP fell by 5%, reducing gains from a previous 40% increase over the past week.
- XRP previously exceeded $3 for the first time since 2018, spurred by positive sentiment following Trump’s election win.
- Speculative reports suggested Trump may prioritize U.S.-based digital coins, including XRP, in future strategic reserves.
- Ripple CEO Brad Garlinghouse met with Trump, raising speculation of potential influence over crypto policies.