TL;DR

• DOGE is down

• SHIB is down

• Solana Hits ATH, Boosted by TRUMP Memecoin Surge

• TRUMP Token Volatility Not a Concern, Says Bitwise

• DOGE Agency Website Displays Dogecoin Logo

• US Firms File for TRUMP, DOGE ETFs

• Trump's Day 1: No Crypto Focus

• BNB Chain Launches No-Code Meme Solution

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Dogecoin Price

Crypto is down this week, with DOGE down 3.95% and SHIB up 9.35%:

Weekly Analysis

This weekly analysis is majorly on the top two MEME coin

Dogecoin (DOGE) experienced significant volatility this week, with its price dropping by 12% over the past 24 hours to $0.338 as of January 21.

This sharp decline follows a broader cryptocurrency market selloff sparked by a "sell-the-news" reaction to Donald Trump’s inauguration as the 45th president of the United States.

Market participants had hoped for crypto-friendly policies, but Trump’s executive orders lacked any mention of digital assets, dampening investor sentiment.

Despite the dip, Dogecoin remains a topic of interest due to a surge in whale activity. Data from Santiment revealed that wallets holding between 10 million and one billion DOGE added 590 million tokens worth $214 million during the week, suggesting strong accumulation. Analysts interpret this as a signal of confidence among large investors, even amid market uncertainty.

The price volatility was further influenced by challenges surrounding Elon Musk’s involvement with the Department of Government Efficiency (DOGE). Vivek Ramaswamy’s resignation from the initiative and legal threats against the agency have created additional uncertainty.

Although Dogecoin has no direct connection to the government body, the shared acronym and Musk’s high-profile association have linked the two in the public’s perception.

On the technical front, Dogecoin’s price is consolidating within a symmetrical triangle pattern, a formation that could lead to sharp price movements. Analysts forecast an upside breakout targeting $0.59, representing a 70% gain, while a downside breakout could see the price drop 42% to $0.20.

Speculation about a Dogecoin ETF has also generated optimism, with Bloomberg analysts suggesting an approval could come as early as April, potentially increasing institutional interest. However, broader market sentiment and DOGE-specific challenges will likely determine its near-term trajectory, with analysts viewing $0.33 and $0.95 as critical price levels.

Shiba Inu (SHIB) experienced a volatile week, with its price declining to $0.00002053 as of January 22, 2025, after hitting $0.00003284 in December 2024.

Analysts forecast further correction to $0.00001735 before a potential recovery toward $0.00007056 and $0.0001397, reflecting a bullish long-term outlook despite current bearish momentum.

Technical analysis reveals a five-wave expanding diagonal pattern followed by a corrective triangle, suggesting a drop to the 0.618 Fibonacci retracement level at $0.00001735.

Key support at $0.000020 is under pressure, with Bollinger Bands signaling reduced volatility. A break below could lead to $0.00001818 or $0.00001500, while recovery above $0.00002189 might signal a rebound, though sustained upside remains uncertain.

SHIB also faces growing competition in the memecoin market. Newly launched $TRUMP and $MELANIA tokens have drawn significant attention, with market caps of $8.4 billion and $755 million, respectively, eclipsing SHIB. Whale activity for SHIB has dropped 49% since these launches, reflecting waning institutional interest.

Broader market sentiment and competition continue to weigh on SHIB’s performance. While long-term targets remain promising, near-term action depends on reclaiming investor interest and holding key support levels. Investors should closely watch market developments and technical indicators for direction.

Financial News

Solana Hits ATH, Boosted by TRUMP Memecoin Surge

Solana’s decentralized exchange (DEX) volume reached a record high on January 19, 2025, driven by the launch of the TRUMP meme coin. The coin's market cap surpassed $7.5 billion, with $11 billion in 24-hour trading volume, primarily on Solana DEX platforms like Meteora, Raydium, and Orca.

Solana’s weekly volume hit $56 billion, outpacing Ethereum and other chains. This surge in activity led to a rise in Solana’s transaction fees to $4.7 million. Solana’s price also reached an all-time high of $275, surpassing its previous record of $265, as bullish momentum continued.

Crypto Whales Control Trump Family Tokens

According to Chainalysis, 94% of the holdings for the TRUMP and MELANIA tokens are controlled by just 40 crypto whales, each holding over $10 million worth. Smaller investors with holdings under $10 million make up a negligible portion, with only 2.1% holding between $1 million and $10 million.

Despite the concentration of wealth, the launch of the tokens has led to a surge of new crypto users, with nearly half of the buyers creating wallets on the same day of their purchase. However, blockchain data raises questions about the transparency of the token distribution.

TRUMP Token Volatility Not a Concern, Says Bitwise

Bitwise's Jeff Park argues that the volatility of the TRUMP token is not a major issue, as regulators have already endorsed the "gamification of markets." He views meme coins like TRUMP not just as financial instruments but as a way to gain social capital and hone technical strategies, likening trading to poker.

While some critics see the TRUMP coin launch as a potential conflict of interest, Park sees it as an opportunity for traders to sharpen their skills in volatile markets. Despite concerns, Park believes these tokens offer valuable lessons beyond financial success.

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