Official Trump (TRUMP) is down 48% in the past 30 days as cryptocurrencies as a whole have faced some extreme weakness in a relatively unfavorable macroeconomic landscape.
Other tokens in this category have also seen their price go down sharply like Dogecoin (DOGE) and Shiba Inu (SHIB), whose 30-day losses currently stand at 28.5% and 32.3% respectively.
However, TRUMP remains one of the most controversial assets within the top five as it is endorsed by no other than the President of the United States, whose stance on cryptocurrencies has changed in the past few years from detractor to active supporter.
The scandal involving LIBRA and the President of Argentina, Javier Milei, contributed to TRUMP’s pronounced drop in the past month.
LIBRA Creator Was Also Involved in the Launch of MELANIA
It appears that one of the individuals involved in the launch of LIBRA could have been involved in the creation of Melania Trump’s meme coin (MELANIA) according to on-chain data.
During an interview with Coffeezilla, Hayden Davis, one of the masterminds behind LIBRA, claimed that he also helped Mrs. Trump with the launch of her token, fueling speculation that address 0xcEA – the one that exhibits ties with the two projects – could be owned by him.
1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins
Featuring new onchain evidence
A thread with Coffeezilla 🧵 ↓ pic.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
Similar to LIBRA, the two tokens launched by the Presidential couple quickly plummeted after they hit public exchanges. The selling pressure managed to push TRUMP’s market value from $15 billion to just $3 billion at the time of writing, meaning that those who bought at the top have seen 80% of their investment go through the window.
Even though the LIBRA case is much worse, as losses from that project stand at around 99% unless you sniped the token before Milei’s announcement, TRUMP’s performance has been disappointing, to say the least.
From a technical standpoint, the 1-hour chart shows that TRUMP broke below a key support at $15.6 on Sunday and could be poised to touch the $14.5 mark in the next few hours as the token keeps facing significant selling pressure.
Momentum indicators are pointing to a temporary recovery as the Relative Strength Index (RSI) is already stepping off oversold levels. This could result in a rebound that pushes TRUMP to its former support level, which has now turned into resistance.
Even though TRUMP may have disappointed investors, there are still promising upcoming crypto ICOs like Solaxy ($SOLX), whose robust use case and advantageous presale price offer significant upside potential to early buyers.
Solaxy Raises Nearly $24M to Improve Solana Network’s Efficiency
A bit over two months after its presale event started, Solaxy ($SOLX) has raised $23.4 million from investors to launch the first Solana layer-two (L2) scaling solution.
The launch of TRUMP in late January stress-tested the Solana blockchain as transaction volumes increased rapidly. As a result, users and exchanges experienced errors and delays that affected the network’s reputation and prospects as a potential Ethereum killer.
Solaxy fixes this issue by bundling transactions offline before sending them to the mainnet to alleviate its burden, eliminate delays, and avoid errors.
Its native asset, $SOLX, is the protocol’s utility token. Once the L2 is active, users will have to acquire this asset to make transactions by using this Solana rollup.
Developers recently provided an encouraging update on their progress to launch the L2. They partnered with Hyperlane to test the exchange of assets in the Solana devnet with the assistance of Solaxy.
These first successful tests show the remarkable potential that Solaxy has to become the go-to scaling solution for Solana developers and decentralized apps (dApps).
Apart from the upside potential that $SOLX offers once the L2 is deployed and the token is listed on exchanges, investors who stake their assets will also receive handsome rewards. The APY currently stands at 174%.
To buy $SOLX, simply head to the Solaxy website and connect your wallet. You can either swap USDT, ETH, or BNB or use a bank card to complete your investment.
