TRUMP & MELANIA Coins Drain NOTCOIN & DOGS; SOLANA Soars!

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In recent times, the Solana (SOL) blockchain network, which prioritizes making smart contracts accessible for all, has seen significant advancements compared to other first-layer (L1) chains in the cryptocurrency sector. As we move forward under the Donald Trump administration, the backing of the Solana network by ordinary memecoin traders is poised to escalate to a higher level.

As stated by Ki Young Ju, CEO at CryptoQuant, it’s anticipated that the memecoin sector will experience significant growth over the next four years. The involvement of tech billionaire Elon Musk and Donald Trump in the new U.S. administration could potentially spark a massive cryptocurrency bull market, particularly within the memecoin industry, with Dogecoin and other dog-themed projects likely to lead the charge.

Toncoin Leads Other L1 Chains in Bleeding to Solana Network

After the debut of TRUMP and MELANIA, meme coins on the Solana network, data from on-chain activity indicates a significant increase in retail traders shifting towards Solana DeFi projects. This shift coincides with approximately $15 million flowing into Solana’s investment products, while Ethereum experienced an outflow of around $255 million last week.

In the recent 24-hour period, Toncoin-led meme coins spearheaded by Notcoin experienced a significant decline, likely due to the notable surge of TRUMP and MELANIA. As per crypto analyst Ali Martinez, the price of NOT has already dipped below its crucial support level, following a 7% drop from last week. Meanwhile, Dogecoin also registered a decrease, with the DOGS price standing at $0.00035, showing a 13.8% volatility over the same period. The market caps for NOT and DOGS stand at $555.46 M and $179.76 M respectively, while their 24-hour volumes amount to $232.98 M and $125.32 M.

As a result, Martinez believes that the price may continue falling towards $0.0031 unless the bulls manage to reclaim the support level over $0.0057.

Trump’s actions are drawing out the money from meme currencies, leading them to plummet. For example, the coin NOT (Notcoin) has breached a crucial support threshold and may soon fall to $0.0031. #Notcoin #NotAnymore

— Ali (@ali_charts) January 19, 2025

Dogs (the cryptocurrency), valued at approximately $196 million when fully diluted and with an average trading volume of around $126 million over a 24-hour period, saw a decrease of more than 10% within the last day, trading at roughly 0.00034 at the current moment. Technically speaking, the downward pressure on Dogs’ price persists due to liquidity being drained towards Solana’s meme tokens, potentially leading to further declines.

Currently, at the time of writing, the total value of the Solana memes (market capitalization) stands around $28 billion, while their daily average trading volume is approximately $49.6 billion.

Bigger Picture

In the upcoming months, it’s expected that the significant surge of meme coins based on Sol will mark the long-awaited 2025 altcoin boom. Regulatory actions towards cryptocurrencies that were prevalent during the Biden administration are not anticipated to persist for the next four years.

Consequently, the digital currency Toncoin – supported by Telegram – has been consistently laying groundwork for its products to be embraced widely in mainstream markets. Currently, the Toncoin network boasts an estimated total value of approximately $266 million and a market cap for its stablecoins around $1.41 billion.

It’s wise to take a look at meme coins built on the TON platform when considering potential long-term growth in the world of cryptocurrencies.

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2025-01-20 17:15