Altcoins to Watch: Trump Dinner Impact
Former US President Donald Trump will host a dinner on May 22 for top holders of his TRUMP meme token. This event follows criticism from some Democrat legislators regarding Trump's involvement in the meme coin space. With the dinner approaching, three US-made altcoins are attracting attention for their potential price movements.
Crypto Market Outlook & Trump's Dinner
Trump's dinner coincides with a bullish week for Bitcoin, potentially reaching its all-time high of $108,000. However, while Bitcoin gains attention, some altcoins may struggle as capital flows towards the largest cryptocurrency. The dinner could redirect attention towards specific altcoins, despite ongoing criticism of Trump's crypto actions.
Senator Cynthia Lummis, known for her anti-crypto stance, has voiced concerns about Trump's meme coin, alleging a $300 million investment from a Chinese company. Senator Chris Murphy further highlighted that many attendees appear to be foreign investors, raising ethical concerns.
On-chain data indicates that Tron founder Justin Sun holds a significant amount of TRUMP tokens ($1.3 million), fueling speculation about his attendance. Below is a summary of the top holders:
[Insert image of TRUMP token top holders here]
US Altcoins to Consider
The US altcoin market boasts a $443 billion market cap (CoinGecko data). Volatility is expected around Trump's dinner. Three altcoins warrant investor attention:
- Ripple (XRP): As the largest US-made altcoin by market cap, XRP price predictions suggest it may reach $10 by year's end. Positive regulatory developments regarding the Ripple vs. SEC lawsuit could trigger price increases.
- Sui (SUI): This Layer 1 network has been outperforming peers. Its DeFi TVL is nearing its all-time high, signaling strong utility and potential future growth.
- TRUMP: Trump's own meme token is naturally positioned to benefit from the event. A recent 7% intraday surge and $74 million increase in 24-hour open interest (Coinglass data) demonstrate growing investor interest.
While predictions are speculative, XRP, SUI, and TRUMP could potentially see price gains in the days leading up to and following Trump's dinner, especially with Bitcoin's strong performance.
Disclaimer:
This analysis is for informational purposes only and should not be considered financial advice. Conduct thorough research before investing in any cryptocurrency. Codeum is not responsible for investment losses.