An unofficial meme cryptocurrency named BARRON, after former US President Donald Trump’s son, has seen its market cap skyrocket to over $72 million before it later crashed.
The coin, which is said to be linked to Barron Trump, was launched on January 20 as part of the recent meme coin wave. Another coin named MELANIA TRUMP, also caught the attention of traders, but it suffered a similar fate as its market cap collapsed after its initial surge.
According to GMGN.Ai data, one wallet managed to buy around 136.35 million units of the coin at a price of just $1,048. It then sold them for 4,405 Solana, making a net profit of $1.05 million.
However, the coin has seen a sharp decline in the past 24 hours, with its market cap dropping by more than 20% with a trading volume of $432 million. Its market cap reached just $33 million, while its price stabilized at $2.9 million.
Platforms like Onchain Lens indicate that many internal wallets took advantage of this trading to make quick gains, causing huge losses for investors and a market crash.
This trend reflects the nature of meme coins, which often see a huge surge at first, then quickly lose momentum.
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💥💥💥 PEPE's 175% Rally Continues, Will It Reach 200%? #bitcoin، ($BTC ) Loses $70,000 Again, For How Long? Is #Solana ($SOL ) Entering Correction?
PEPE's Recent Surge
- $PEPE has experienced a significant recovery after initial momentum issues in early 2024 due to questionable holder composition. Recently, it surged by 175%, likely due to improved trader and investor sentiment, breaking multiple resistance levels. The 50-day moving average crossing above the 200-day moving average ("golden cross") and high trading volumes support this bullish trend. Although an RSI of 72 indicates overbought conditions and potential short-term pullback, the long-term outlook remains positive.
Bitcoin's Struggle Around $70,000
- Bitcoin recently hit $70,000 but is now around $69,700. Optimism for a rebound is supported by strong on-chain metrics: 97% of BTC holders are profitable, and whales hold 11% of BTC, reducing sell-off risks. High transaction volumes, with significant trades exceeding $100K totaling $93.77 billion, and balanced exchange inflows/outflows at around $9.7 billion indicate investor confidence. Market sentiment is generally optimistic, bolstered by potential ETF approvals and growing investor interest, which could help BTC surpass $70,000 again.
Solana at $180
- Solana has reached $180, showing strong performance and boosting profitability. However, technical indicators suggest a possible correction phase, with RSI nearing overbought territory and a key resistance level being hit. Historically, Solana faces sharp corrections after significant rallies. Despite strong fundamentals and ecosystem growth, it remains vulnerable to short-term market corrections, especially if major #Cryptocurrencies decline. The interconnected nature of the crypto market means a decline in leading assets could exert downward pressure on Solana as well.