Trump Coin (Official Trump/TRUMP) experienced a massive surge soon after its launch. The coin’s price skyrocketed due to its ties with President Trump. TRUMP hit an all-time high of $73.43 on Jan.19, one day before President Trump’s inauguration. The asset’s price has fallen by 85% since its January high. TRUMP has fallen to the 55th place in the market cap charts. The project is now on the verge of losing the position to VeChain (VET).
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VeChain On Track To Overtake Trump Coin
TRUMP’s price has fallen 2.2% in the daily charts and 22.5% in the weekly charts. VET, on the other hand, has dipped 2.6% in the daily charts and 8.5% in the weekly charts.
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TRUMP has a market cap of $2.18 billion, while VeChain (VET) has a market cap of $2.13 billion. VET’s market cap is just $56 million away from overtaking TRUMP as the 55th largest crypto project. If TRUMP continues its downward trajectory, the project faces a threat of losing the 55th position to VET.
Will TRUMP Rally?
The recent crypto market rally was likely fueled by institutional money. Retail investors are likely sitting this round out. BlackRock purchased over $3 billion worth of Bitcoin (BTC) for its spot BTC ETF. The move may have aided BTC’s climb to the $97,000 price point.
The market has turned red today amid global uncertainties. Some bullish factors could push VET and TRUMP. There is a possibility that the Federal Reserve will cut interest rates soon as inflation in the US came in lower than anticipated. A rate cut could lead to a surge in risky investments.
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The SEC’s new head, Paul Atkins, has publicly said that he is pro-crypto. The SEC may approve several crypto-based ETFs this year. A surge in crypto-based ETFs will likely lead to more institutional money in the industry. A surge in institutional money could lead to a market-wide rally. VeChain (VET) and Trump Coin could surge under such conditions.
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