Altcoins and Meme Coins Drop Despite Trumps Bitcoin Reserve Announcement
- XRP, Solana, and Cardano dropped due to Bitcoin reserve, thus Trump clarified only Bitcoin would receive active support.
- Meme coins like Dogecoin and Shiba Inu fell due to unconfirmed reserve inclusion.
- The crypto market dropped 4%, with uncertainty lingering ahead of the White House Crypto Summit.
The crypto market has witnessed high volatility today, with top altcoins such as Ethereum (ETH), Solana (SOL), and XRP experiencing price drops. President Donald Trumps recent executive order to create a Bitcoin strategic reserve first fueled hopes of a wider U.S. push into crypto. But these altcoins are falling as the market responds to conflicting signals.
XRP, Solana, and Cardano Dropped despite Bitcoin reserve
XRP, Solana, and Cardano enjoyed a brief burst of optimism after being included in Trumps reserve plan. But the optimism did not last long after Trump made it clear. The government would actively support only Bitcoin, while other coins such as XRP, Solana, and Cardano. Would only be included in the reserve if governments confiscated them.
XRP dipped 2%, Solana lost 5%, and Cardano dipped 10%. This change suppressed investor sentiment and precipitated a sell-off, eliminating recent gains. The anticipation that the U.S. government would diversify its crypto reserves was dispelled, further fueling the downtrend in the market.
Meme Coins declined
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) reflected the general market decline after bitcoin reserve announcement. DOGE declined 5%, SHIB fell by 2%, and PEPE lost 6%. Earlier this week, rumors had circulated that DOGE could be added to the reserve, triggering a brief price increase. But with no official support from Trumps proposal, the gains were short-lived.
The overall crypto market experienced a drop of almost 4%, with the worlds market capitalization reducing to $2.88 trillion. The reserves under-diversification has instilled doubts in investors. Although the prices did fall, tokens such as MOVE, Sui, and Jito recorded some positive gains, yet the market is still bearish.
White House Crypto Summit
All eyes now shift to the White House Crypto Summit for possible policy updates that would give insight into the future of U.S. crypto rules. Investors are optimistic about a more open-minded approach, but hopes are low.
The market, meanwhile, will probably continue to suffer from uncertainty as traders readjust their strategies because of the volatile market atmosphere.
Trumps Bitcoin reserve announcement was a step forward for the crypto space, the market remains volatile, and investor confidence in altcoins is wavering.
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Read more: https://thenewscrypto.com/altcoins-and-meme-coins-drop-despite-trumps-bitcoin-reserve-announcement/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
