This week has proven captivating for cryptocurrency enthusiasts, with the Trump administration becoming the focal point of recent events. The excitement around the US first family’s PolitiFi tokens, coupled with a surge in optimistic market sentiment, propelled Bitcoin to a new all-time peak on Monday.
Nevertheless, BTC/USD and various other cryptocurrencies have since retraced as the enthusiasm for the PolitiFi tokens diminishes and market fluctuations relax. Regardless, iDEGEN continues to remain stable. Importantly, the project’s durability stems from its attractiveness beyond its viral nature. It possesses tremendous potential to transform the AI meme coin arena and the larger crypto sector.
Bitcoin price retreats as enthusiasm for PolitiFi tokens wanes
Last Friday, the US president introduced his meme coin, $Trump. In under a day, frenzied buying from meme coin fans pushed the cryptocurrency’s market cap beyond $5 billion.
Two days after, the US first lady, Melania Trump, rolled out $Melania. As the excitement around this meme coin subsides, its value has decreased from $2.21 billion on Monday to a current market cap of $756.59 million. Additionally, in the last 24 hours, its price has dipped by 8.84%, with trading volume seeing a decline of 72.71% during the same period.
Likewise, at the time of writing, $Trump held a market cap of $8.32 billion while its trading volume had dropped by 40% in the previous 24 hours. This indeed marks a considerable decline from the $14.30 billion market cap noted at the beginning of the week.
Clearly, the Trump factor that propelled Bitcoin to a new all-time peak of $109,026.02 isn’t robust enough to maintain that level. During this publication, the leading cryptocurrency was priced at $104,969.82 as bulls attempt to breach the resistance around $106,500.
In the near term, BTC/USD will likely continue to discover support at $102,090, as a crypto-favorable US administration enhances the bullish sentiment. With more buyers joining the momentum, the bulls may gather sufficient strength to surpass the resistance at $106,500 towards the next target of $108,080. Conversely, a corrective downturn past the current trading range may see it establishing support at $99,700.
Storm affecting new meme coins leaves iDEGEN unaffected
The highly unpredictable $Trump and $Melania tokens remain vulnerable to the all-too-familiar pump-and-dump cycle in the absence of a new catalyst. Indeed, the tokens are in consolidation as meme coin supporters shift their focus away from the recent inauguration ceremony.
As the aftermath settles, crypto giants and meme coins are experiencing retracements. For example, Solana, which significantly benefitted from the launch of $Trump, has fallen from the new all-time high of $295.83 it achieved on Sunday to $262.53 at the time of this announcement. Similarly, DOGE/USD declined from the 6-week peak it reached on Saturday at $0.4350 to $0.3627.
In the midst of this turmoil, iDEGEN continues to flourish. With just over a month left before its listing, the project has raised upwards of $17.65 million during its distinctive presale auction. Additionally, approximately two months after its launch, its token price has escalated from $0.0001 to $0.0133.
Notably, its pricing strategy is one of the factors that continue to enhance its allure among both casual investors and affluent individuals alike. Typically, creators propose arbitrary figures that do not necessarily align with the project’s value or demand.
In contrast, $IDGN’s token pricing operates on the principle of transparency. During the initial phase of its auction, the dynamic pricing model ensured that the token price adjusted in line with its demand.
The project has since transitioned to a stage-based model in anticipation of its listing on 27th February. The team explained this decision on X, stating,
“While the dynamic auction has been positively embraced, we’ve taken your feedback on board and recognize that some of you are worried about price manipulation and dubious actors inflating prices with small SOL buys. It’s thought that the price manipulation aimed to drive the listing price as high as possible. To address this, we are simplifying things so it’s easier for everyone to monitor the presale and make informed decisions.”
This transition further indicates that iDEGEN is intent on revolutionizing the AI meme coin sector without neglecting its community in the process. It is this dependability that has attracted over 20,000 holders to the project. With nearly 12,000% in returns, these early investors are already realizing substantial profits.
Read more on how to acquire the iDEGEN token.
Ripple price maintains above $3 on investor optimism
Ripple price chart by TradingView
Ripple price has been trading above the essential threshold of $3 since the start of the week. This rally has been propelled by the inauguration of a pro-crypto US president and the subsequent rise in investor confidence.
President Trump, who has transformed into an advocate and investor in cryptocurrency, is anticipated to foster and maintain an environment where digital assets can prosper. Indeed, only two days after returning to the Oval Office, he is already working on lowering the regulatory hurdles.
Acting SEC Chair, Mark Uyeda, has established a crypto task force designed to craft a clear and detailed regulatory framework for cryptocurrencies. This novel approach contrasts sharply with the previous Biden administration, which featured an “anti-crypto” SEC Chair, Gary Gensler.
Given that Ripple price was significantly hindered by regulatory challenges under the past administration, it is poised to continue its upward trajectory, fueled by increased investor optimism. In the short term, the range between $2.82 and $3.40 will be essential to monitor.
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