Altcoin update: HBAR and Worldcoin turn bullish as Bitcoin holds above $100K

Why TRUMP, DOGE, and ENA altcoins are losing steam after US inauguration

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Written on Jan 21, 2025
Reading time 4 minutes
  • Alts saw significant price dips within the past 24 hours.
  • The downside intensified after Donald Trump failed to mention crypto during his recent speech.
  • Assets related to the inauguration developments witness substantial volatility.

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The altcoin space plummeted over the past day as Donald Trump failed to comment on cryptocurrency during the inauguration ceremony.

While most assets endured significant declines, TRUMP (Official Trump), Dogecoin, and Ethena attracted attention due to separate post-inauguration events.

Let us find out more.

Official Trump plunges 50%

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The new meme token TRUMP led the downside as Donald Trump’s inauguration speech went against crypto enthusiasts’ expectations.

The alt endured wild volatility, dipping from all-time peaks near $75 to below $40 before day-end.

TRUMP trades at $38.03, down nearly 50% after its latest ATH.

Chart by Coinmarketcap

The daily chart signals bear dominance, with the substantial slump in 24H trading volume confirming faded trader interest in the meme token.

The Solana-based token will likely dip further before possible bounce-backs.

Nevertheless, some investors are capitalizing on the ongoing dips to join at discounted prices.

TRUMP has seen significant buying activity from whale investors after its latest slide.

Such trends indicate trust in the token’s future performance, confirming impending price rebounds.

A buyer resurgence will see the altcoin targeting $54 in the upcoming sessions.

However, robust investor interest amidst broad-based rallies remains essential for recoveries toward yesterday’s peaks above $74.

Dogecoin dips as lawsuits shake D.O.G.E

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The meme trades at $0.3860, down over 1% in the past 24 hours.

The original meme token crashed after multiple developments after the inauguration ceremony.

Though indirectly linked, Dogecoin’s slide accelerated due to negative news about the new Department of Government Efficiency (D.O.G.E).

Firstly, Vivek Ramaswamy burned bridges with Elon Musk by confirming his departure from the advisory organization.

The former presidential aspirant clashed with Elon Musk as the Tesla CEO criticized his remarks about the transformed American employment culture.

Moreover, the recent lawsuit against Elon Musk and D.O.G.E added to the concerns.

Various groups have sued the advisory organization for violating federal transparency policies.

These developments have ruined sentiments within the Dogecoin community, with some investors reducing their exposure.

Nevertheless, popular analyst Crypto Surf highlighted that DOGE has repeatedly tested the $0.618 FIB resistance since November last year.

Despite multiple failed attempts to overcome the resistance, the analysts believes the meme token is on a breakout verge.

Ethena ready for an early rebound

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ENA trades at $0.90, displaying brief gains on its daily chart.

Optimism from World Liberty Financial’s strategic purchases failed to trigger significant recoveries.

The technical setup supports potential bounce-backs for ENA.

The altcoin corrected to the 0.618 FIB level (a significant support barrier during bullish reversals) with its latest dip.

Meanwhile, the crucial foothold coincides with an ascending channel’s lower boundary, forming a Launchpad for upside actions.

Rose Premium Signals forecasts immediate surges to $1.6373 before extended surges to $2.6178.

That would mean a 65% total gain from the current price.

Altcoins’ performance during and after the US inauguration shows how sensitive digital assets are to political developments.

Nevertheless, analysts forecast bullish trends in the upcoming months.

Bitcoin gained over 300% in 2017 after Donald Trump became the United States president.

Experts believe BTC could replicate the performance in the next three months.

Such a performance will drive BTC to historic highs of $400K, triggering explosive upsurges in the altcoin space.

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