Official Trump ($TRUMP) is down 4.5% today and currently sits at $13 per coin after the President approved the creation of two strategic digital assets reserves for the United States.
Trump signed an executive order (EO) yesterday that gave the green light to the establishment of a Bitcoin Strategic Reserve and a Digital Asset Stockpile.
However, both reserves would be made up of assets seized and controlled by the U.S. government already, meaning that no additional purchases will be made.
As Trump himself teased on Sunday, several altcoins, including Solana (SOL), XRP (XRP), and Cardano (ADA), were considered candidates for this strategic reserve. Hence, the market was disappointed to find that this possibility was no longer on the table and most cryptocurrencies sold off right after the announcement.
TRUMP Enters a Downtrend and Could Drop to $12 if Negative Momentum Accelerates
Official Trump (TRUMP) trading volumes currently stand at $974 million, accounting for 37.5% of the token’s circulating supply. The token is currently trading 82.7% below its all-time high of $75.35.
Meanwhile, other popular meme coins like Shiba Inu (SHIB) and Pepe (PEPE) have posted gains of 0.8% and 1.6% in the past day respectively.
Trump will be hosting a crypto summit at the White House later today where he will be receiving the heads of top crypto exchanges like Brian Armstrong from Coinbase and Vlad Tenev from Robinhood, Bitcoin maximalists like Michael Saylor, and Brad Garlinghouse from the blockchain company Ripple.
This event could catalyze important moves in the crypto market depending on what Trump proposes and what happens during the conversation. The President could take the opportunity to make other important announcements apart from this last one.
TRUMP jumped above $17 on Sunday after the President shared his list of candidates for a crypto reserve. However, the token quickly fell and dropped to $11.6 just a day after, as most meme coins sold off the rally.
The token made a double-bottom back then at that level and rose to a local peak of nearly $14 per coin. However, the hourly chart shows that TRUMP is on a downtrend once again as it made a lower low on Thursday night while it rejected a move above $14 at least four times in the past few hours.
This supports a bearish short-term outlook for the token that push it to the $12 level during the American session if negative momentum accelerates.
The Relative Strength Index (RSI) has not yet sent a sell signal but the MACD’s histogram already shows that positive momentum is declining.
A break above the $14 level could signal an upcoming surge for TRUMP in the next few hours, while further declines would confirm this bearish outlook. Short-sellers have the upper hand at this point as long as they can secure an attractive entry price for this trade.
The launch of TRUMP back in late January showed Solana’s current limitations to keep up with a short-term spike in transaction volumes. Solaxy ($SOLX) fixes the network’s congestion by introducing its novel layer-two scaling solution. This is why the project is rapidly becoming one of the best ICOs of the year.
Solaxy ($SOLX) Enters Late Stage of its Presale with Over $25M Raised
Solaxy ($SOLX) leverages the popularity of Pepe the Frog meme to promote its Solana rollup.
This layer-two protocol is designed to bundle transactions offline to alleviate the mainnet’s congestion, similar to what Arbitrum and Optimism do for Ethereum.
The project’s developers have provided encouraging updates lately about Solaxy’s advancements. They have recently engaged in discussions with top wallets to get them to support the protocol to make it easier for non-technical users to interact with it.
Moreover, they have already tested asset transfers in the Solana devnet in collaboration with Hyperlane.
At its discounted price of $0.001656, $SOLX offers significant upside to early buyers as this utility token will likely see its demand increase once the protocol is launched. Moreover, $SOLX offers attractive staking rewards of 162%.
To buy $SOLX, head to the Solaxy website and connect your wallet. You can either swap USDT, ETH, or BNB or use a bank card to make your investment.
