Home Blog Page 1317

Michael Saylor Weighs In: Will Washington Challenge Bitcoin Under a Harris Presidency?

Albert Brown
-
0
Michael Saylor Weighs In: Will Washington Challenge Bitcoin Under a Harris Presidency?

Recent discussions in the political scene have sparked concerns over Bitcoin’s future if Vice President Kamala Harris secures the presidency. 

Reports allege that senator Elizabeth Warren has begun efforts to gather opposition against the cryptocurrency industry, a movement that may gain momentum should Harris emerge victorious in the upcoming election.

These developments were highlighted in a recent interview conducted by FOX Business host Charles Payne, where he discussed the potential implications with Michael Saylor, executive chairman and co-founder of MicroStrategy.

Senator Warren’s Efforts to Build Opposition

During the interview, Charles Payne addressed the reports surrounding Senator Elizabeth Warren’s initiative to rally opposition against Bitcoin. This effort, Payne noted, could lead to a significant political battle in Washington, particularly if Harris wins the presidency. 

The well-known Bitcoin advocate, Saylor, responded by sharing his insights on the current political climate, emphasizing that he has communicated with individuals from both sides of the political spectrum.

He highlighted that progressive politicians are beginning to recognize the ongoing digital transformation in finance, as evidenced by the actions of major financial institutions like BlackRock, Morgan Stanley, and Fidelity.

Bitcoin’s Role in the Upcoming Elections

Saylor further elaborated on how Bitcoin and cryptocurrencies are poised to influence the outcomes of the upcoming elections. He emphasized that businesses and political leaders are increasingly understanding the importance of digital capital in maintaining competitiveness in today’s economy. 

Saylor’s remarks proved the growing recognition of Bitcoin’s potential, not only as a financial asset but as a critical component of future economic strategies.

Strategic Bitcoin Reserve Proposal 

The conversation also touched on the proposal by Senator Cynthia Lummis for a strategic Bitcoin reserve, which Saylor likened to historical moments of territorial expansion, such as the Louisiana Purchase. He argued that in the digital age, the race is to secure ownership of cyberspace, with Bitcoin at the forefront. 

Saylor advised that as concerns about the U.S. dollar as a reserve currency grow, Bitcoin will increasingly become the asset of choice for global investors.

The discussion reflects the broader political dynamics at play, where support for Bitcoin is growing among certain lawmakers, even as others, like Senator Warren, prepare to challenge its influence.

Industry Figures Boosting Harris’ Campaign

Adding to the growing political discourse around Bitcoin, a newly formed group, “Crypto for Harris,” has emerged, aiming to rally support for Harris’ presidential campaign. 

According to a recent report by The Crypto Basic, this group, consisting of around 50 industry participants and policy experts, is set to host a virtual town hall next week. The event will feature notable figures such as Anthony Scaramucci, Mark Cuban.

Ethereum Price Analysis: ETH on the Verge of $3,000 Breakout

Mark Brennan
-
0
Ethereum Price Analysis: ETH on the Verge of $3,000 Breakout
Ethereum price surged to $2,707 on August 8, bolstered by a wave of positive news from Brazil, the USA, and Russia. Technical analysis indicates where ETH might find support as the media excitement begins to cool.

USA: Lenient $125M Fine on Ripple Sparked Market Recovery

Ethereum, like the broader crypto market, started the week on a downtrend, with a sharp market crash on Monday, August 5, pulling ETH to a multi-month low of $2,110.

However, on August 7, the U.S. court’s decision to impose a relatively lenient $125 million fine on Ripple marked a significant turning point. The resolution of Ripple’s prolonged legal battle with the SEC had been a major overhang for the market.

The perceived legal clarity from US regulators instilled renewed confidence in investors, triggering a swift recovery in Ethereum’s price, which quickly rallied back towards $2,600. Although ETH initially faced resistance at this level, overall market sentiment shifted to a more optimistic outlook.

Brazil: Solana ETFs Approval Expected to Deepen Crypto and ETH Adoption

On August 8, Ethereum received an additional boost when Brazil approved the first Solana ETFs. This move, signaling growing institutional interest in the cryptocurrency market, is expected to deepen crypto adoption in Brazil, one of Latin America’s largest economies.

Ethereum Price Action (ETH/USD) | TradingView
Ethereum Price Action (ETH/USD) | TradingView

Brazil’s financial markets further embraces blockchain technology, the impact on Ethereum’s price was evident. The chart above shows how it propelled ETH above the $2,600 level for the first time since market crash on Monday.

The chart indicates that ETH recently experienced a significant drop of approximately 60.58%, as marked by the large orange rectangular box. This move spanned over 7 days, causing the price to plummet from around $3,000 to a low of $2,619.55.

However, the subsequent green rectangular box shows a partial recovery of about 26.93% over 4 days, suggesting that the market might be finding some buying interest.

Russia Legalizes Crypto Mining: Sending ETH Towards $2,700

The most significant catalyst came on August 8, when Russian President Vladimir Putin signed into law the legalization of cryptocurrency mining. This move is part of Russia’s broader strategy to reduce reliance on the U.S. dollar in international trade and align with the BRICS bloc’s ambitions.

Although the legislation is set to take effect in November 2024, the perceived regulatory framework on crypto mining has lifted investor confidence across the markets.

The announcement had an immediate impact on Ethereum’s price, driving it to a peak of $2,707, marking a 26.93% increase from the August 5 low. This surge reflects both the strategic importance of Russia’s decision and the global market’s response to a more regulated and secure environment for cryptocurrency operations.

However, looking ahead, we see that speculative traders are now betting on a prolonged ETH price rally.

Ethereum Price vs ETH Funding Rate | Coinglass
Ethereum Price vs ETH Funding Rate | Coinglass

On August 9, Ethereum’s funding rate shifted into positive territortories around 0.00031%, signaling a change in trader sentiment. After several days of negative funding rates, which indicated that short positions were paying long positions, the recent move above zero suggests that long positions are now in control.

This positive change in the funding rate indicates that traders are reacting favorably to the latest developments, including Russia’s legalization of crypto mining.

The increase in the funding rate often correlates with bullish price action, as it reflects a growing willingness among traders to pay a premium for long positions.

If this trend continues, it could provide further upward momentum for Ethereum, reinforcing the recent price gains and potentially driving ETH closer to the $3,000 mark. This renewed optimism among traders, combined with positive news from global markets, could be a strong indicator that Ethereum is poised for further growth in the near term.

ETH Price Forecast: $3,000 Breakout in Focus?

The current technical setup for Ethereum (ETH) suggests a potential rebound as the market recovers from a recent steep decline. Despite the ongoing recovery, ETH faces immediate resistance at the $2,764.26 level, which aligns with the upper boundary of the recovery box and coincides with the 26-period Ichimoku baseline (red line).

Ethereum Price Forecast (ETH/USD) | TradingView
Ethereum Price Forecast (ETH/USD) | TradingView

A successful breach of this level could see the price target the next resistance at $2,844.25, marked by the blue Linear Regression channel, and potentially move toward the psychological $3,000 mark, where the Ichimoku cloud (red-shaded area) could act as a barrier.

On the downside, key support lies at the recent low of $2,619.55, followed by the lower boundary of the Linear Regression channel around $2,500. A failure to hold above these levels might trigger another bearish wave, pushing ETH towards the $2,400 zone.

While the near-term outlook appears cautiously bullish, with the $3,000 target in focus, ETH must overcome multiple resistance levels to confirm a sustained upward trajectory. A failure to break above $2,764.26 could keep the bears in control.

Data Suggests Stage Set for Bitcoin $75K Surge Amid 25% Rebound to $62.6K

Albert Brown
-
0
Data Suggests Stage Set for Bitcoin $75K Surge Amid 25% Rebound to $62.6K

Data suggests Bitcoin could be headed for $75K as it surged past the $62,600 mark today, marking an over 25% advancement within just three.

This rapid upsurge comes during one of the most volatile weeks the cryptocurrency market has experienced since the FTX collapse two years ago. In particular, Bitcoin plummeted by 20% to the $49K level on Monday but has since recovered significantly.

According to data from intelligence platform Santiment, this sharp rise caught many traders off guard.

As a result, the analysis urged market participants to anticipate heightened excitement that could drive Bitcoin to the price levels of $70,000 and $75,000 in the short term. For Ethereum, Santiment argued for a likelihood of a retest of the $3,500 price level soon amid the ongoing rebound.

Increased Excitement For $70K

As Bitcoin’s price surged, Santiment’s data revealed significant social media activity surrounding specific price levels. The analysis tracked mentions of Bitcoin, focusing on discussions concerning the $40,000 to $45,000 price range for bearish sentiment and the $70,000 to $75,000 range for bullish sentiment.

The social volume saw a noticeable increase as Bitcoin approached the $62.6K mark, signaling growing optimism among traders. 

Screenshot 42
Bitcoin social volume | Santiment

This increase in social discussions often correlates with market sentiment, with traders speculating whether Bitcoin can sustain its upward momentum. However, Santiment notes that this is a mid-term sign rather than one that signals whether a bullish market is starting or ending.

Ethereum’s Parallel Trend 

Similarly, Ethereum experienced a significant price movement during the same period, with the cryptocurrency’s value climbing notably in early July. Santiment analysis noted a trend in social media mentions, with most focusing on Ethereum’s price levels within the $3,000 and $3,500 range. 

Screenshot 43
Ethereum social volume

However, the data also shows a subsequent decline in both price and social volume after August 5, suggesting that the excitement may have led to a temporary peak in the market. 

XRP’s Leading Role in Market Recovery

Amidst these movements, XRP emerged as a standout performer, leading the market recovery following a steep decline earlier in the week, according to separate data from Santiment. 

Screenshot 44
Crypto price change

Driven by positive sentiment surrounding its ongoing lawsuit, XRP saw substantial gains, outpacing other major cryptocurrencies like Bitcoin and Ethereum. 

Essentially, Santiment believes the market could sustain the ongoing momentum, with Bitcoin likely setting a new all-time high at $75K, helping another crypto surge.

Here are XRP Returns on $1K, $15K or $30K Investments if XRP Hits $100

Sam Wisdom Raphael
-
0
Here are XRP Returns on $1K, $15K or $30K Investments if XRP Hits $100

Investors who commit $1,000, $15,000 or $30,000 to XRP investments could see their holdings skyrocket to unimaginable levels if XRP reaches $100. 

XRP has recently met a roadblock to its latest uptrend amid the ongoing market-wide collapse that caused Bitcoin (BTC) to retest the $59,000 region. Since reaching a four-month peak of $0.6580 on July 31, XRP has been on a downward path. 

XRP Accumulation Amid Downtrend

The cryptocurrency has now collapsed below the $0.55 psychological territory, currently trading at a three-week low. Despite the prevalent bearishness, investors have continued to procure more XRP tokens. The Crypto Basic confirmed on July 31 that the number of XRP addresses holding at least 10,000 XRP increased to a six-month peak.

This accumulation trend has persisted through bearish and bullish phases. Recent data from Santiment indicates that addresses holding between 1,000 and 10 million XRP now collectively hold 19.47 billion tokens. This suggests that these addresses have procured over 460 million XRP tokens since late June.

XRP Accumulation Trend Santiment
XRP Accumulation Trend | Santiment

Market participants have continued to amass more tokens amid ambitious price projections, as analysts expect an imminent uptrend. Some of these projections point to a possible increase to an audacious $100 price target.

For instance, market analyst Javon Marks predicted last month that XRP could skyrocket to the $100s price territory. His analysis cited a possible repetition of the 2017 rally. Also, the Common Sense Crypto account presented reasons why XRP could actually skyrocket beyond the $100 mark.

Returns on $1K, $15K, $30K if XRP Hits $100

With the $100 price prediction in the spotlight, investors continue to anticipate a possible upsurge. The Crypto Basic recently assessed how much investors would realize at varying investment levels if XRP reaches $100.

For instance, market participants holding $1,000 worth of XRP currently possess about 1,887 tokens against the current price of $0.5298. Notably, the value of these 1,887 tokens would skyrocket to $188,700 if XRP reaches $100. This marks a massive profit of $187,700, representing a return on investment (ROI) of 18,770%.

Further, investors with $15,000 worth of XRP currently hold 28,312 tokens. Interestingly, if XRP spiked to the $100 price level, the 28,312 tokens would surge to $2.83 million. This would mark an impressive profit of $2.816 million.

Meanwhile, those with $30,000 in XRP could potentially witness more substantial returns if the altcoin ever reached the $100 value. These investors, currently holding 56,625 XRP, would see their holdings surge to $5.662 million at the $100 price. 

SUI Eyes 150% Surge to $2 Amid Falling Channel Break Surge

Albert Brown
-
0
SUI Eyes 150% Surge to $2 Amid Falling Channel Break Surge

With a 38% surge creating a bullish engulfing candle, SUI outgrows the bearish channel and aims to surpass $0.90. Will the bullish breakout of the falling channel lead to a 150% price jump to $2?

With Ethereum prices skyrocketing above $2,500, the bull run for altcoins is gaining momentum. Amid the top performers, the SUI coin makes a high-energy move with a 38% overnight jump.

Further, the ballistic move results in multiple resistance breakouts as the altcoin prepares for a bullish journey ahead. So, let’s take a look at the SUI price chart to determine the bullish targets it can reach this month.

Trendline Breakout Meets Another Bearish Stone

Taking a look at the short-term price history, the SUI token has shown a declining trend over the past few weeks. With healthy volatility, the downtrend forming a falling channel hits the low of $0.53, accounting for a 75% drop from the annual high of $2.17. 

SUI Price Chart
SUI Price Chart

However, as the broader market absorbs the supply for a bullish comeback, the underlying sentiments in the SUI chart overturn. Forming a long-tail at the support trendline near $0.46, the recovery run in the altcoin accounts for an 80% hike. 

Moreover, the bull run creates a triple white soldier pattern and breaks above the overhead resistance trendline. Currently, SUI trades at $0.8353, and an intraday pullback of 2.01% suggests minor bullish exhaustion. 

The technical indicators bolster the chances of a bullish trend reversal with the breakout run. The MACD and signal lines project a positive crossover as the green histograms skyrocket. Further, the DMI indicator gives the same signal with the VI lines crossing over for a positive alignment. 

Will SUI Top $2?

As the bullish breakout rally of a falling channel marks a trend reversal, the SUI prices might face multiple overhead resistances.

Furthermore, based on the Fibonacci retracement over the correction phase, the $0.90 resistance aligns with the 23.60% Fibonacci level and warns of a minor correction ahead. 

The post-retest bull run in SUI will likely challenge the 50% Fibonacci level at the $1.30 mark. Further, a push from the broader market recovery will be necessary for a price jump to the $2 mark.

Binance Coin (BNB) Crosses $500, Fuels Bullish Dream to $700

Albert Brown
-
0
Binance Coin (BNB) Crosses $500, Fuels Bullish Dream to $700

Taking a quick U-turn, Binance Coin (BNB) reclaims 100 lost points and resurfaces above the $500 psychological stop. Following the 8.95% surge overnight, BNB aims for an uptrend to $700. 

With the crypto market again surpassing the $2 trillion level, the trend momentum in the altcoin market has increased. Given its large market cap, Binance Coin is slow but steady among the top performers.

Further, the bullish reversal in the BNB price trend is slowly undermining the recent free-fall correction. So, as the underlying dynamic of the Binance Coin changes, let’s take a closer look at the price analysis to find bullish entry opportunities. 

Dominant Bulls at $400 Reset the BNB Price Trend

In the weekly chart, the bullish trend in Binance Coin recently reversed from the $700 milestone. The pullback, along with the drop in the broader market, caused the BNB price to slump to the $400 mark. 

Binance Price Chart
Binance Price Chart

However, the bullish dominance at the crucial $400 mark quickly propels the altcoin price higher. Overcoming minor resistances amid the overnight jump of 8.95%, Binance Coin reclaims the $500 mark, and the recovery run jumps to 26.18% from the $403 low. 

The lower price rejection in the weekly candle from the 50% Fibonacci level reveals massive underlying demand. Further, it improves the chances of a bullish uptrend as the long-tail candles uplift the overall sentiment.

The weekly RSI line shows a minor divergence in the two dips formed near the $500 mark. Further, the bullish crossover in the VI lines bolsters the uptrend chances in the Binance Coin. 

Weekly analysis for a New ATH in Binance

As the bullish trend picks up pace for BNB, optimism in the derivatives market surges. Based on Coinglass data, Open interest has increased by 1.61% to reach $464M, $36M shy of the $500M milestone.

Binance Derivatives Data
Binance Derivatives Data

Further, with the long/short ratio of 1.019, Binance traders are extremely bullish, with the long/short (accounts) peaking at 2.0788. Based on positions, the long/short Binance traders maintain an overall ratio of 1.409. 

Where is the Binance Coin Price Headed?

As the buyers control the driving seat, the recovery rally for Binance Coin gains momentum. The uptrend in the surpassing $500 psychological mark hints at an extended run to the 100% Fibonacci level at $662. 

Based on the Fibonacci levels, the uptrend can scale to the 1.618 Fibonacci level at $945. However, the 1.272 Fibonacci level at $787 can result in a minor dampening of the uptrend. 

Scaramucci “Working on” Bipartisan Crypto Solution as US Political Tensions Mount

Albert Brown
-
0
Scaramucci “Working on” Bipartisan Crypto Solution as US Political Tensions Mount

In a recent exchange on social media, Anthony Scaramucci, founder of SkyBridge Capital, addressed growing concerns within the crypto community regarding the future of blockchain in the United States. 

Responding to a question posed by Kevin Farrelly, Vice President and Director of Digital Asset Management at Franklin Templeton, Scaramucci highlighted the importance of patience and collaboration in achieving a bipartisan approach to crypto regulation.

This conversation emerges at a critical time as the U.S. political landscape grapples with diverging views on the role of digital assets in the economy. Amid these discussions, the political environment surrounding cryptocurrencies is increasingly polarized.

Calls for Bipartisan Cooperation

Notably, Scaramucci’s remarks came after Farrelly raised concerns about the U.S. government’s stance on cryptocurrency under the current administration.

Farrelly questioned the future of crypto and blockchain innovation, citing the administration’s support for the Securities and Exchange Commission (SEC) and its recent veto of SAB 121, a regulation seen as a hindrance to the industry. 

In response, Scaramucci emphasized the ongoing efforts to develop a bipartisan solution, urging the crypto community to remain patient.

Scaramucci’s Concerns Over Trump

In his initial post, Scaramucci had voiced concerns over former President Donald Trump’s potential return to the White House. He criticized Trump’s economic policies, particularly those related to trade and monetary policy, which he argued could have detrimental effects on the U.S. economy.

Scaramucci warned that Trump’s proposals, such as increasing tariffs and undermining the independence of the Federal Reserve, could erode investor confidence and damage the nation’s economic standing.

Scaramucci’s critique extended beyond economic policies, as he painted a broader picture of the potential risks posed by Trump’s leadership style. He cautioned against the rise of oligarchic tendencies under Trump, which he believes would stifle opportunities for ordinary Americans.

In his view, the former president’s approach to governance threatens to dismantle the aspirational values that have long been associated with the American dream.

Harris Advocacy Group to Host Scaramucci

Meanwhile, the newly formed advocacy group “Crypto for Harris” is preparing to host a virtual town hall aimed at bolstering Kamala Harris’s presidential campaign. The event, scheduled for next week, is expected to draw significant attention from the cryptocurrency community.

Notable figures such as Scaramucci and billionaire entrepreneur Mark Cuban are set to speak, alongside several Democratic House Representatives.

This virtual town hall is part of a broader effort by the group, which consists of industry participants and policy experts, to push for more crypto-friendly policies within the U.S. political framework.

Analyst Says XRP To Become “Incredibly” Bullish if This Resistance Breaks

Sam Wisdom Raphael
-
0
Analyst Says XRP To Become “Incredibly” Bullish if This Resistance Breaks

CoinsKid, a notable crypto analyst, identifies a pivotal resistance level that XRP needs to break to embark on the much-awaited bullish trajectory.

The market analyst’s initial commentary on the subject first came up last month. At the time, XRP battled to surpass the $0.63, with a drawdown risk to the $0.59 price territory. According to data from CoinsKid’s chart, following the massive crash to $0.3824 on July 5, XRP embarked on a 5-wave Elliott Wave journey.

XRP’s Elliott Wave Journey

The first wave ended as XRP recovered to a high of $0.4497 on July 6. However, the second wave involved a mild correction to $0.4035. As expected, Wave 3 was the must disruptive wave, triggering an impressive rally to $0.6367 on July 18. Afterward, XRP faced another correction with Wave 4, dropping to $0.5415 the following day.

CoinsKid’s chart confirmed that XRP was trading within a rebound path set by the fifth and finale wave at the time of the initial disclosure. He predicted XRP to record another minor jump before eventually collapsing after Wave 5 completes.

XRP 4H Chart CoinsKid
XRP 4H Chart | CoinsKid

Interestingly, this projection has materialized. For context, after the analysis, XRP soared further to $0.6561 on July 31. However, the resistance at this level resulted in a pullback, leading to a collapse to $0.4312 on Aug. 5. XRP’s retracement also coincided with a major correction in the broader crypto market.

At the time, CoinsKid noted that the drop would mark the Wave 2 of a larger Elliott Wave structure. He then noted that a recovery would represent a Wave 3 structure, capable of helping XRP break above a pivotal resistance level. This pivotal resistance level sits at the $0.74 price territory.

XRP Needs to Breach $0.74

With XRP moving exactly as predicted, CoinsKid recently provided an update to the analysis. According to his latest disclosure, the second Wave has already completed, with XRP now on the path of Wave 3. CoinsKid confirmed that the recent conclusion of the Ripple v. SEC lawsuit is a pivotal development capable of expanding the third wave.

He noted that he accumulated more tokens at discounts when XRP collapsed, anticipating the breakout. The analyst stressed that XRP needs to breach the $0.74 resistance and the $0.93 roadblock from the July 13, 2023 rally while in the third wave. Should this occur, XRP might face a minor retracement before another uptrend.

Currently, XRP changes hands at $0.6040, having dropped 2.10% this morning. XRP’s immediate resistance currently rests on $0.6581, with the Fibonacci 0.236 retracement acting as support. 

Bitcoin Follows XRP Path: Analyst Reveals How XRP Led Two Latest Crypto Market Recoveries

Lele Jima
-
0
Bitcoin Follows XRP Path: Analyst Reveals How XRP Led Two Latest Crypto Market Recoveries

Dom, a renowned market watcher, highlights XRP’s remarkable performance, which saw the asset lead two broader market recoveries following significant declines. 

In a tweet yesterday, Dom contrasted XRP’s performance with that of Bitcoin, emphasizing that the former has led two market recoveries recently after significant declines. 

Specifically, the analyst noted that XRP led the crypto rally after the broader market suffered significant downturns on July 4 and last week. 

XRP Spearheads Market Recovery After July 4 Crash 

For context, the crypto market witnessed a massive collapse on July 4 – 5. While XRP plummeted below $0.40, Bitcoin’s price fell to nearly $53,000 at the time. 

However, Dom noted that XRP recorded a sharp rally that took its price to around $0.45 on July 6. This rally followed speculations regarding a settlement in the SEC v. Ripple lawsuit.  

According to Dom, Bitcoin also participated in the XRP-led rally 24 hours later. Data from CoinGecko shows that Bitcoin’s price soared to nearly $58,000 on July 7. 

Another XRP-Led Rally Witnessed on August 7 

Furthermore, the market watcher claimed that a similar development occurred recently. Per the analyst, XRP led the crypto rally following the massive decline witnessed last week across the market. The accompanying chart shows that Bitcoin participated in the XRP-led rally six hours later. 

Image

Recall that the crypto market recorded a double-digit loss last week, with Bitcoin plunging below $50,000 on Aug. 5. Similarly, XRP dipped to around $0.43 on the same day. 

However, XRP’s price pumped tremendously to $0.6579 on August 7, when Judge Analisa Torres gave Ripple a partial victory against the SEC. Interestingly, Dom pointed out that Bitcoin’s rally started six hours after XRP’s price increase. 

Notably, Dom’s analysis weakens the argument that only Bitcoin’s price action is capable of determining the performance of the broader crypto market. 

In the meantime, XRP is currently trading at $0.6037 per token, marking a 2.02% decline in the past 24 hours. Conversely, Bitcoin has staged a daily increase of 7.3%, with the asset trading at $60,996. 

Fox Business Reporter Joins Debate Over Legitimacy of “Official Trump Coin”

Abdulkarim Abdulwahab
-
0
Fox Business Reporter Joins Debate Over Legitimacy of “Official Trump Coin”

Recently, the crypto community has been abuzz with talk of an “official Trump coin” amid Donald Trump’s enthusiastic endorsement of crypto as a U.S. presidential candidate. 

This development follows numerous meme coins created in Trump’s name over the past few months as he vies for the presidency with the backing of crypto enthusiasts. While many of these coins were created in jest, others were designed to solicit crypto donations for Trump’s campaign.

Notably, a new meme coin called RTR has recently been launched, inspired by Trump’s “Restore The Republic” slogan and his promise to make America a hub for cryptocurrencies if elected.

The developers of RTR are now promoting their coin as “the official Trump coin,” sparking interest and debate within the crypto community.

What Purpose Could an “Official Trump Coin” Serve?

For clarity, there is no official Trump coin. Amid the buzz, many are questioning why an “official Trump coin” should even exist at all.

Neeraj Agrawal, an official at Coincenter, sparked a lively discussion on social media platform X by asking what the point of an “official Trump coin” would be.

Crypto analyst EllioTrades argued that politics has become a kind of “cult” in this current crypto cycle, where people are betting on trends rather than fundamentals. “Is there a bigger cult to bet on than politics,” he asked rhetorically.

Mike, another prominent analyst, suggested that it is the “speculation that it doesn’t go to zero, so someone can send it there.”

Angel investor Zack Voell confirmed this sentiment, stating that the purpose of an “official Trump coin” would be the same as the unofficial ones that have already been created: to facilitate pump-and-dump schemes for quick profits.

Eleanor Terrett, a respected Fox Business journalist within the crypto community, also chimed in. She sarcastically suggested that if an official Trump coin were to exist, it should have some utility beyond being just another meme coin. Given the Trump family’s real estate background, she speculated that it could perhaps be a Trump-branded real estate token.

According to data from Arkham, Donald Trump has a crypto portfolio worth over $3 million, which is largely denominated in various meme coins. Notably, the portfolio was worth nearly $10 million a few months ago.

1...1,3161,3171,318...2,665Page 1,317 of 2,665