The Trumps take over crypto

The market was dominated by the Trumps meme coins, which saw both Donald and Melania Trump launch self-titled tokens on the Solana blockchain. TRUMP was the first to appear in the early hours of Saturday morning, and quickly shot to a $15 billion market cap in less than 12 hours. This fervor captured the crypto market, and led to Melania Trump launching MELANIA, which very quickly reached a $2 billion market cap.

The launch coincides with the January 20th inauguration of Donald Trump as the latest U.S President, which many believe will herald a ‘Golden Age’ of crypto. This ‘Golden Age’ could be further evidenced by the fact that a cryptocurrency was endorsed and released by a U.S. President, suggesting a shift towards a more positive approach to cryptocurrency regulation in the United States.

A rumoured strategic reserve of cryptocurrencies developed within the United States also brings a positive narrative to the market. Following the rumours, three popular U.S founded tokens, SOL, XRP and LINK, all recorded over 40% gains in the past seven days, with Solana reaching a new all-time high of $293.31. Solana’s latest surge has been fuelled by the Trumps meme coins, which led to the leading wallet provider for Solana, Phantom, experiencing up to 8 million requests per minute as the demand for the tokens reached a fever pitch.?

Solana wasn’t the only token to reach new all-time highs in the whirlwind of activity. Bitcoin reached a new high of over $109k off the back of rumours that Trump will announce the Strategic Bitcoin Reserve in his inauguration speech. He also mentioned the token in a speech on Sunday night, where he said “Bitcoin has shattered one record high after another.”