High-yield xrp (XRP) and Ethereum’s ETH recorded profit-taking early Saturday as an “official” Donald Trump-themed memecoin attracted $3 billion in its first hours after being issued on the Solana network , driving demand for SOL tokens.
Price action in bitcoin (BTC) and most majors such as dogecoin (DOGE) and BNB Chain’s BNB remained silent as the TRUMP token shifted sentiment for XRP and ETH. Traders perceived Trump memecoin’s choice to issue the token on Solana as bearish for Ethereum.
An “official” memecoin linked to Trump was issued in the early hours of Asia on Saturday from his verified X and Truth Social accounts. Prices ranged from a few cents to $14 in less than six hours amid widespread confusion over whether the token was backed by Trump, as reported.
Some fund managers see the move as bullish for memecoins: “The incoming president just gave everyone license to launch a memecoin; $SOL is getting the message, buckle up,” the Placeholder VC partner wrote on X, Chris Burniske.
Elsewhere, Demand for related to New York-based Ripple Labs). )
XRP surpassed the $3 mark for the first time since 2018 on Friday ahead of Trump’s inauguration on January 20. The speculative move came in the wake of unconfirmed reports that Trump was open to a “first US strategic reserve that would prioritize US-founded digital currencies.” , such as Solana, USD Coin and Ripple.”
So far, talks about any strategic reserve have only included plans for bitcoin holdings.
Ripple CEO Brad Garlinghouse had at least one meeting with the president-elect in early January, sparking speculation that Ripple could have a direct channel to influence the incoming administration, sparking increased interest in XRP. .
