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The current President-Elect of the United States, Donald Trump, has caused much controversy in the crypto space after launching his Official Trump (TRUMP) meme coin on Solana (SOL) two days before the inauguration.

The announcement on January 17 through Trump’s Truth Social account stated that the token was for him and his “winning.” The initial speculation pointed towards a possible hack, but the confirmation came shortly after, with Trump becoming the first U.S. president to endorse a meme coin.

Critics raise ethical concerns

Like others, the TRUMP meme coin has been criticized for having no real-world application. Critics and analysts have pointed out that using the Trump administration’s position to endorse cryptocurrency is questionable.

YouTuber Stephen Findeisen, also known as Coffeezilla, criticized the timings of the project. In a Jan. 18 post, he called the launch of the coin ‘unethical’ and raised concerns with the reported 80% of the coins being distributed to Trump’s inner circle. Findeisen described the situation as ‘nasty work’ due to the risks of large losses for inexperienced investors.

> dropping TRUMP memecoin 2 days before becoming president is nasty work> new SEC/DOJ guarantees no prosecution> 80% of tokens vest to insiders DURING the presidency> most ppl losing money will be MAGA who aren't crypto native> *should* be a crime but crime is legal now ig?

— Coffeezilla (@coffeebreak_YT) January 18, 2025

Peter Schiff, an economist who has consistently dismissed cryptos, likened the coin to Bitcoin in sarcasm while making fun of it. Former Trump aide Anthony Scaramucci called it “corruption” and warned it may negatively impact the broader crypto market.

 Crypto-influencer Max Schwartzman said that it is possible that Trump’s account was hacked, as the TRUMP COIN website has the same design as Trump’s previous NFT project. Others, like 0xCygaar, pointed out that the two have similar technical structures, which only added to the hype.

Ok yeah the new Trump memecoin website is deployed almost identically to his previous NFT website.Same cloudflare setup, same deployment with Heroku, same SSL certificate issuer.Very similar HTML structure as before. pic.twitter.com/u1zLD7Vcv7

— cygaar (@0xCygaar) January 18, 2025

Explosive growth amid controversy

After the launch, the token only took 15 minutes to reach a market cap of $400 million. The launch also saw SOL, Solana’s native token, rise to an all-time high of $267 due to the buzz around the TRUMP token. 

However, the TRUMP coin has soared and has recorded more than 12,000% adoption after its launch despite the backlash it has received. The token’s value reached close to $35 and then hovered around $29, taking the market capitalization to $5.98 billion. Successful traders have made a lot of money, with one of them reportedly making $50,000 to $1.1 million within a few hours.

However, doubts remain about the prospects of the token in the future. Currently, only 20% of the 1 billion TRUMP coins are in circulation with the remaining 80% to be released over the next 36 months. 

At the moment, the first twenty holders possess 87.02% of the total token supply, which means only 12.97% remains for all other investors and traders. The developer wallet alone is estimated at about $15.5 billion, which raises questions about developers controlling and manipulating the market.

Some critics have claimed that this sort of ownership control weakens the token in question. Crypto analyst JRNY Crypto raised concerns about the lack of concrete information coming from Trump’s advisors to support the project.

The FOMO on the TRUMP token pushed many traders into action, causing a rise in the Solana price and an increase in its on-chain activity. Analyst Will Clemente pointed to the chaos, stating that traders have been dumping other assets to buy into the TRUMP phenomenon. However, some analysts have expressed concern that the fast pace may result in a quick drop. 

Never seen anything like this, SOL ripping and everything on chain nuking as people panic sell to fomo into Trump’s memecoin. What is going on.

— Will (@WClementeIII) January 18, 2025

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Solana (SOL) has been grabbing attention lately with its price action. Right now, it’s sitting at about $254., which is up a solid 15% from its previous close. It had a pretty volatile day, reaching as high as $262.80 and dipping to $217.26. That kind of range keeps traders on their toes, right?

SOL Price Analysis

When you look at the technical side, there’s a lot to be optimistic about. TradingView is flashing a “strong buy” signal based on its moving averages and oscillators, which is a pretty good sign for bullish momentum. At the same time, platforms like Investing.com are pointing out the positive vibes in Solana’s overall trend. It seems like the market is definitely favoring the upside right now.

What’s really interesting is that AltFINS recently spotted a breakout from a Bullish Flag pattern. That’s usually a pretty reliable sign of more upward movement. They’re saying the short-term trend is “strong up,” with the next big resistance level around $260. If SOL can push past that, we could be in for some exciting price action.

That said, not all indicators are perfectly aligned. For example, TipRanks is highlighting a negative MACD reading at -2.44, which is a bit of a red flag for some traders. It’s a reminder that even in a bullish trend, caution is always a good idea. Overall, Solana is looking strong, but like with any crypto, you’ve got to stay alert. The signals are mostly pointing up, but keeping an eye on support and resistance levels could make all the difference in timing your moves.

SOL Price Prediction

The anticipation of a U.S. Solana Exchange-Traded Fund (ETF) approval has contributed to positive market sentiment. Prediction market data indicates a roughly 74% chance of regulatory endorsement, with some industry observers forecasting SOL could climb to $400 by 2025 on the back of an approved ETF and continued ecosystem growth.

Analysts have provided various SOL price predictions. SOL is expected to trade at $220.41 on January 19, 2025, reflecting a 0.79% increase from the previous day. Experts anticipate SOL to trade between $214.77 and $499.05 in 2025, leading to an average annualized price of $317.45. Some industry observers forecast SOL could climb to $400 by 2025, contingent upon ETF approval and continued ecosystem growth.

Investor confidence, influenced by potential ETF approvals and bullish chart patterns, plays a crucial role in SOL’s price movements. Solana’s ongoing advancements, such as the implementation of “lattice-based homomorphic hashing” solutions to enhance scalability, could positively impact SOL’s valuation.

Frequently Asked Questions (FAQs)

What is the price prediction for SOL on January 19, 2025?

As of January 19, 2025, SOL is trading at approximately $249.64, with short-term forecasts suggesting a price of $220.41 on the same date.

Is SOL a good long-term investment?

Long-term forecasts suggest potential growth for SOL, with projections indicating prices up to $400 by 2025, contingent upon factors like ETF approval and ecosystem development.

How can I purchase SOL?

SOL can be purchased on various cryptocurrency exchanges. Ensure to use reputable platforms and implement proper security measures for your investments.

Investment Considerations

Investing in cryptocurrencies like SOL involves inherent risks due to market volatility. Prospective investors should:

Conduct Thorough Research: Understand Solana’s technology, roadmap, and market position.

Assess Financial Situation: Evaluate personal financial circumstances and risk tolerance before investing.

Diversify Portfolio: Consider diversifying investments to mitigate potential risks associated with individual assets.

Consult Financial Advisors: Seek professional financial advice to make informed investment decisions.

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