The price of the Official Trump ($TRUMP) token has dropped by 8.5% in the past 24 hours to $32.28 and against the current of the overall meme coin space, which is seeing gains of 3.6% during this same period as per data from CoinMarketCap.
Tokens like Dogecoin ($DOGE), Pepe ($PEPE), and Bonk ($BONK) are all performing positively in the past day with gains of 2.8%, 6.7%, and 2.4%. The drop is making $TRUMP the worst-performing meme coin of the top 5.
Not even the pro-crypto executive order (EO) issued by the President has saved his celebrity token from seeing its market cap shrink in the past few days.
Currently, $TRUMP is trading 55.5% below its all-time high of $75.4 per token, while $8.3 billion worth of its market capitalization has evaporated since it hit that peak.
Democrats Accuse Trump of Circumventing Anti-Corruption Provisions with Meme Coins
The top Democrat in the House Financial Services Committee, Maxine Waters, voiced her concerns about what the launch of $TRUMP could mean for investors who “see this coin as a way to get rich quick.”
She highlighted that unwary individuals who put money into this kind of offering “will be left holding the bag when Trump’s insiders sell.”
Waters even went as far as to accuse Trump of circumventing national security laws and anti-corruption provisions that prevent individuals who currently serve a role in the government and have the kind of influence that these positions give them to transfer assets anonymously to their supporters and inner circle.
These allegations come to join a growing chorus of analysts who have criticized the offering as more than 80% of the total $TRUMP supply will be allocated to insiders progressively. Based on how the token’s vesting schedule works, by August this year, the circulating supply will double.
The demand for $TRUMP seems to be evaporating quickly, meaning that these additional tokens that will soon be released to the market will further contribute to depress its price.
$TRUMP’s price chart shows that the token is on a clear downtrend and has already made multiple lower highs since January 20, while it has found support temporarily at the $30 – $32 level.
From a technical standpoint, there’s not much to say about the price action unless the token manages to climb above $36 or $40 or breaks below this support area, which would mean the downtrend could accelerate.
If Democrats begin a legal proceeding against Trump and accuse him of violating securities laws or something of that nature amid the launch of this meme coin, chances are that its price could drop at an even faster rate.
TRUMP may not be the best crypto to buy at the moment, but a handful of other new crypto coins like Solaxy can potentially deliver sizable gains to early investors who participate in their presale event.
Solaxy ($SOLX) Raises $14.3M from Investors to Solve Solana’s Congestion Issues
The launch of $TRUMP and $MELANIA resulted in severe network congestion for the Solana blockchain as transaction volumes increased suddenly and caused even well-established crypto exchanges like Coinbase to experience delays.
Solaxy ($SOLX) aims to solve this kind of issue by bundling Solana transactions in parallel and increasing the number of records added to a single block to alleviate the mainnet’s burden.
Investors have been attracted by the potential that Solaxy has to become the next Arbitrum or Optimism of Solana, especially at a point when the popularity of meme coins and decentralized applications (dApps) like Jupiter and Raydium are expanding rapidly.
In addition, Solaxy’s layer-two scaling solution has been audited by Coinsult, and its staking rewards stand at 271%. Once the presale ends, investors will be able to claim their $SOLX tokens and these rewards will start to be progressively distributed.
Currently, the presale price of $SOLX stands at $0.001612. However, this offer will expire in the next 14 hours as the price will be raised to compensate early investors.
To buy $SOLX, visit the Solaxy website and connect your wallet. Now, you can also swap SOL tokens apart from USDT, ETH, and BNB. In addition, you can use a bank card to complete the purchase if you don’t own any crypto at the time.
