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ERIC TRUMP BREAKS SILENCE ON $TRUMP MEMECOIN AMID CRITICISM AND DUMPS!

Eric Trump has finally spoken out about the $TRUMP memecoin, calling it the "hottest digital meme on earth" . This comes amid intense criticism and controversy surrounding the coin's launch, which has been accused of being a cash-grab by the Trump family.

The $TRUMP memecoin has seen incredible growth, reaching a market capitalization of over $5 billion in just one day, with trading volumes surpassing $11 billion .

However, critics argue that the coin's success is largely due to the Trump family's influence and marketing efforts, rather than any inherent value.

One whale trader reportedly made a profit of $11.8 million by buying and selling $TRUMP tokens within hours of its launch .

This has raised concerns about market manipulation and the potential for smaller investors to get hurt.

Eric Trump's defense of the $TRUMP memecoin has done little to quell the criticism, with many accusing the Trump family of using their influence to make a quick profit. The launch of the coin has also raised ethical concerns, given Donald Trump's upcoming inauguration as president and the potential for conflicts of interest.

The crypto market is neither bullish nor bearish today, according to CoinStats.

XRP/USD

XRP is one of the biggest gainers today, rising by almost 5%.

On the hourly chart, one should pay attention to the daily bar's closure in terms of the local resistance of $3.3458. If it breaks out, growth is likely to continue to the $3.40 zone and above.

On the bigger time frame, buyers are back in the game. If the situation does not change by the end of the day and the bar closes around current prices, the accumulated energy might be enough for a test of $3.50.

From the midterm point of view, traders should focus on the bar's closure in terms of the level of $3.40.

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If bulls can hold the gained initiative, one can witness a breakout, followed by a further upward move.

XRP is trading at $3.3471 at press time.

TL;DR

Trump assumed the presidency without mentioning Bitcoin in his inaugural speech, which caused a negative reaction in the crypto market.

The price of Bitcoin fell to $103,000 after the lack of immediate presidential support for the creation of a strategic BTC reserve.

Despite state initiatives in favor of Bitcoin, the absence of federal clarity and uncertainty continue to affect the crypto market.

Donald Trump officially assumed the presidency of the United States for the second time. However, despite the expectations surrounding possible favorable announcements for the crypto market, his inaugural speech did not include any mention of Bitcoin. This caused a negative reaction in the markets, which had been expecting some form of support.

The impact was immediate. The expectation that Trump could support initiatives related to the creation of a strategic Bitcoin reserve, something that had been pushed by his election campaign, did not materialize, leaving many in the sector questioning whether the new administration’s approach to cryptocurrencies will be as favorable as expected.

Bitcoin’s Reaction

At the time of writing this article, Bitcoin (BTC) is trading at around $103,000, showing a decrease of 1.91%. It is experiencing high volatility, as it fell close to $100,000 and rebounded again, fluctuating between that floor and its current value.

Many Doubts and a Setback for the Crypto Market

Regarding the rest of the crypto market, the trend has been equally unfavorable. Ethereum (ETH) is trading just above $3,300 after a 4.22% drop in the last hours. XRP (XRP) dropped to $3.13, and its fall was much smaller, only 0.7%.

Solana (SOL) took a hard hit and shows a 10.5% decline, staying at a value close to $243 per unit. BNB (BNB) is currently valued at $681, with a loss of 2.8%. As for Dogecoin (DOGE), it fell 8.2% and is around $0.36 per unit. Cardano (ADA) is close to $1 per unit after losing 6% of its value, and Chainlink (LINK) fell below $25, registering a 5.7% drop.

What’s Next?

At the state level, several local governments, such as Texas, Massachusetts, and Florida, continue to push initiatives to create strategic Bitcoin reserves, aiming to position themselves as leaders in cryptocurrency adoption. However, the absence of a clear and decisive message from the White House has created uncertainty among investors.

Meanwhile, the platform World Liberty Financial, backed by Trump, also experienced turbulence. Although it initially managed to sell its WLFI tokens with high demand, the lack of explicit support from the administration caused investors to become more cautious.

The crypto market still lacks clear and consistent federal regulation. With Gary Gensler’s departure from the SEC, many expect the new administration to make decisions that will define the sector’s direction. However, without clear signals, the future of cryptocurrencies in the United States will remain a mystery until concrete announcements are made.