Markets
This Week in Coins: Trump Fuels Meme Coin Craze as Bitcoin Regains Strength
Illustration by Mitchell Preffer for Decrypt.
It looks like Donald Trump is the last one star of the cryptocurrency world.
Following a failed assassination last week’s attempt, the survival of the Republican presidential candidate has triggered a boom in appetite for risky assets, such as meme actions-it’s a cryptocurrency surge trade.
That’s because Trump may very well be Wall Street’s favorite. Silicon Valley superstars and cryptocurrency bigwigs are betting that the former president and right-wing populist will now win, and they are put serious money in in the cause.
As a result, digital asset traders appear to be hungry for the riskiest cryptocurrency craze of all: meme coins.
The biggest winner in the digital asset market now is Solana-based Pop catwhich has grown 79% in seven days and is now trading at $0.9053, according to CoinGecko data.
Subsequently, another Solana-based token surged: the popular meme Dogwifhat, which increased by 57% in the last week it reached 2.51 dollars.
AND Ethereal-based Pepper is the third biggest gainer of the week, having shot high 39% over the same period. It is now trading at $0.00001227, as CoinGecko shows.
Among the main tokens, Solana—the fifth largest digital currency—also has has jumped significantlywith traders’ renewed risk appetite pushing it up 23% in seven days. The Ethereum competitor is now trading at $$170.05.
Elsewhere, Ethereum, the second-largest digital asset, has surged in value. It is trading up 12% over the same period last week, and entered the weekend with a price of $3,504 per coin. According to sources confirmed to decipher the long-awaited Ethereum Exchange Traded Funds (ETFs) will hit the stock market by Tuesday, the date has been confirmed from Cboe yesterday.
Among other major coins and tokens, many eyes were on Exchange rate riskthat has blown away more than 18% to $0.58 on rumors that fintech giant Ripple Labs was approaching a conciliation agreement with the U.S. Securities and Exchange Commission. It is one of the best performers of the week among the assets with the largest market capitalization.
The most important digital currency, Bitcoin, has also seen a notable rise: the so-called “digital gold” has increased by 15% in the last seven days, closing the week at $66,570.
Friday, it’s reached its highest price in a monthhitting $67,000 a coin as fears over German government Bitcoin liquidations and Mt. Gox refunds subsided. With Trump scheduled to speak at the Bitcoin Conference Next week could mean another recovery for BTC.
By Ryan-Ozawa.