Altcoin
Dogecoin Million Dollar Transactions Soar After Trump Inauguration, Is A Bounce Coming?
The Dogecoin network has seen a significant surge in activity following the inauguration of US President Donald Trump. Although this surge in activity cuts across the entire industry, on-chain data has revealed interesting dynamics among Dogecoin holders. These developments were brought into focus by crypto analyst Ali Martinez, who, using data from the analytics platform Santiment, highlighted a remarkable surge in high-value transactions on the Dogecoin network. According to Martinez, Dogecoin recorded an impressive 588 transactions exceeding $1 million within the last 24 hours.
Dogecoin Renewed Interest From Million-Dollar Transactions
The recent surge in large-scale Dogecoin transactions suggests the possibility of a significant upswing, as this activity typically indicates a liquidity bottom that initiates upward momentum. Historically, a rise in high-value transactions is associated with renewed investor confidence, especially when market sentiment shifts toward bullish trends.
In Dogecoin’s case, the transactions in question are not just sizable but exceptionally significant, with each exceeding $1 million. What makes this surge even more compelling is the timing, as it coincides with the bullish sentiment surrounding Donald Trump’s inauguration. Therefore, the current increase in transactions appears more indicative of accumulation rather than sell-offs or profit-taking.
The entire crypto market is currently in a bullish phase, with smart money entering early in anticipation of a pro-crypto environment under the new Donald Trump administration. This further lends credibility to the idea that these transactions could be more of accumulations than selloffs. Even if some of the activity includes sell-offs, the prevailing bullish sentiment suggests that such events may be brief, quickly absorbed by the market’s positive momentum.
Dogecoin is gaining momentum on social media, garnering over 500,000 mentions on platform X within the last 24 hours. This is due to the newly created Department of Government Efficiency, sharing the same acronym as Dogecoin’s ticker (DOGE), which has contributed to significant enthusiasm. Heightened visibility on social media often translates into increased retail participation, which could create a combined effect with whale activity to drive the price higher.
DOGE Price Analysis: A New Multi-Year Bullish Pattern
In another technical analysis, Martinez noted that DOGE is trading within a multi-year ascending parallel channel on the weekly candlestick timeframe. The ongoing bull market gained momentum after Dogecoin rebounded off the lower trendline of the channel in late 2023, and the meme coin has been trading in an upward direction since then. The sustained climb along this channel suggests that DOGE could maintain its bullish trajectory over the longer timeframe.
In terms of a price target, the chart pattern projects a bullish target of $15 at the upper trendline of the ascending parallel channel. At the time of writing, DOGE is trading at $0.343, meaning that reaching this target would represent an extraordinary 4,273% increase from its current price level.
Featured image from Unsplash, chart from Tradingview.com
The crypto prices today have shown remarkable strength, mainly embarking on upward trajectories. Bitcoin (BTC) price crossed the $105K level amid renewed market interest post-Donald Trump’s inauguration, whilst Ethereum (ETH), XRP, and Solana (SOL) have traded dominantly in the green. Further, the meme coin sector has stolen the spotlight as DOGE, SHIB, and other top meme tokens reversed their previous price dips. Also, TRUMP and AI16Z tokens have led the pack, surging 20-30%.
Simultaneously, the global crypto market cap witnessed a 3% uptick in value, reaching $3.64 trillion. However, the total market trading volume from yesterday fell 36% to $202.11 billion.
So, let’s take a closer look at some of the top cryptocurrencies and how they are delivering in the market today.
Crypto Prices Today: Market Gains Traction After Donald Trump’s Inauguration
The broader crypto market has shown a bullish movement two days after Donald Trump took office on Monday. BTC price gained nearly 3%, whereas ETH, SOL, and XRP pumped 2%-8% subsequently. Also, meme coins such as DOGE, SHIB, and PEPE witnessed gains worth 4%-8% intraday. Here’s a brief overview of some of the top crypto prices today, January 22.
Bitcoin Price Near $106K Amid Bullish Crypto Market
At the time of reporting, BTC price indicated gains worth 3% in the past 24 hours and is currently trading at $105,750. The flagship crypto’s 24-hour low and high were $101,002.39 and $107,180.92, respectively. Notably, as per top crypto analyst Ali Martinez, Bitcoin whales have purchased 22,000 BTC amid the token’s recent waning movement in the past 72 hours. The massive buying, worth $2.24 billion worth of coins, has further projected bullishness on future price movements.
SosoValue data indicated that Bitcoin ETFs registered $140.64 million worth of inflows as of January 21, excluding BlackRock data. This inflow has added to market optimism surrounding the flagship digital asset. However, it’s also worth mentioning that Bitcoin’s dominance slipped 0.19% over the past day, reaching 57.52%.
Ethereum Price Soars 2%
ETH price witnessed a gain of slightly over 2% in the past 24 hours and is currently sitting at $3,333. The coin’s intraday low and high were $3,210.82 and $3,365.78, respectively. According to cryptocurrency market enthusiast “Crypto Caesar,” ETH is ready for an explosion, which has sparked noteworthy optimism surrounding the coin’s future movements.
Also, U.S. spot Ethereum ETFs witnessed $18.11 million in inflows as of yesterday, excluding BlackRock data. Overall, the current market dynamics remain bullish for the second-largest crypto by market cap.
XRP Price Holds $3
XRP price has maintained a hold above the $3 mark, soaring over 2% intraday to reach $3.17. The coin’s 24-hour low and high were registered as $3.02 and $3.23, respectively. Notably, the crypto continues to reflect a highly bullish sentiment, as also asserted by a recent XRP price analysis via CoinGape. The coin’s stats indicate that short-term volatility may be experienced, although the chances of hitting the $4.4 mark prevail.
Solana Price Shoots Up 7%
Simultaneously, SOL price has surged 7% in the past 24 hours and is currently trading at $254. Its intraday low and high were $231.68 and $259.83, respectively. Notably, Solana continues to see rising popularity amid President-elect Donald Trump’s TRUMP token launch on the network.
Meme Crypto Prices Today
On the other hand, meme coins have nabbed quite the investor attention, embarking upon significant bullish movements. DOGE price witnessed gains worth over 8% in the past 24 hours and is currently trading at $0.3727. SHIB price surged over 4% to reach $0.00002078. Even PEPE price soared over 5% to trade at $0.00001601.
Meanwhile, the recent talk of the crypto space, TRUMP token, shot up by 21% to reach $41.02. Intriguingly, AI16Z has further emerged among the top crypto market gainers for the day.
Top Crypto Gainers Prices Today
AI16Z
Price: $1.15
24-hour Gains: +30%
Sonic (prev. FTM)
Price: $0.6024
24-hour Gains: +20.5%
Hyperliquid (HYPE)
Price: $23.93
24-hour Gains: +14%
VeChain (VET)
Price: $0.05119
24-hour Gains: +14%
Top Crypto Losers Prices Today
Fartcoin (FARTCOIN)
Price: $1.60
24-hour Loss: -7%
Jupiter (JUP)
Price: $0.8671
24-hour Loss: -4%
Pudgy Penguins (PENGU)
Price: $0.02346
24-hour Loss: -3%
AIOZ Network (AIOZ)
Price: $0.8478
24-hour Loss: -$0.8478
Overall, the market’s gradual recovery after Donald Trump’s presidential inauguration has sparked hope among traders and investors globally. Further, with Donald Trump pardoning Silk Road‘s Ross Ulbricht, market participants have rejoiced as the 47th president is keeping promises made previously. Notably, with Ross’ arrest earlier, 173,991 Bitcoins were seized by the Federal Government, worth $33.6 Million then and $18.3 Billion today. Given that the U.S. government further decides to move this massive amount, the market could see a significant impact ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin and the overall altcoin market have registered strong comeback after an early sell-off on Monday. This recovery comes amid growing euphoria around the Donald Trump inauguration as well as strong demand for TRUMP meme coins. However, investors are likely to undertake a cautious stand with Bank of Japan’s rate hike decision.
Bitcoin and Altcoins Subject to Macro Developments
Bitcoin price has seen massive volatility in the last 24 hours, falling under $100K levels, and then forming a 10% god candle to an all-time high around $110K. The euphoria around the launch of TRUMP meme coins supported by Donald Trump inauguration on Monday has been the cause of volatility. Crypto market analyst Rekt Capital stated that Bitcoin needs a weekly close above $104,740 to confirm fresh all-time highs moving ahead.
Commenting on his chart further, the analyst added: “A Weekly Close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024”.
Furthermore, macro developments like dropping core CPI and strong US jobs data have also contributed to the rally. Investors will now be closely watching the Bank of Japan’s interest rate decision this Friday, as it plans to take rates to a 17-year high. Following today’s breakout, technical charts suggest that Bitcoin price rally to $158,000 is still in play.
#Bitcoin $158,000 target still in play🚀🎯 pic.twitter.com/qzBnKVFsUo
— Titan of Crypto (@Washigorira) January 20, 2025
Altcoins Market Sees Strong Recovery
The overall crypto market liquidations have soared to $1.24 billion of which Bitcoin liquidations are just $204 million, as per the Coinglass data. Thus, the altcoin space is facing even deeper correction with the TRUMP and MELANIA meme coin launch.
The Ethereum price is up 8% today after Donald Trump’s DeFi project World Liberty Financial purchased a large number of ETH coins in the last 24 hours. The good this is that the altcoin season index is showing signs of recovery jumping above 50 once again.
Popular crypto analyst Michael van de Poppe remains bullish on altcoins. He said:
“A tremendous weekend with TRUMP and a cascade on the altcoins. I expect that we’ll see strength on ETH, LINK, AAVE and a lot of altcoins in the coming week as Yields are going down and the $DXY becomes weaker. Great times are ahead of us”.
Will Bank of Japan Play the Spoilsport?
The Bank of Japan (BOJ) is anticipated to raise interest rates on Friday, to the highest levels in 17 years after the 2008 financial crisis. This potential rate hike would signal the central bank’s commitment to gradually increasing rates, currently at 0.25%, towards a target of around 1%.
During its two-day meeting concluding on Friday, the BOJ is expected to lift its short-term policy rate to 0.5%. If implemented, this would mark the first rate hike since July of last year, a move that, combined with weak U.S. jobs data at the time, led to significant market turbulence in early August.
However, this time the US jobs data has shown strength along will falling core CPI. Thus, any major upheaval in Bitcoin and altcoins is unlikely moving ahead, is unlikely.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto community’s focus is still on the prolonged XRP lawsuit despite the buzz surrounding Donald Trump’s TRUMP memecoin launch. With Trump’s inauguration and SEC Chair Gary Gensler’s resignation, the XRPArmy anticipates an imminent resolution in the Ripple vs SEC case.
However, legal experts such as Securities attorney Marc Fagel warn about the Ripple vs SEC case’s unpredictable nature, predicting a possible 10-month delay. The controversy surrounding Trump’s token launch has reignited the discussion on the much-awaited XRP lawsuit settlement.
Securities Lawyer Predicts 10-Month Delay in Ripple vs SEC Case
In an X post, Marc Fagel emphasized the uncertain nature of the Ripple vs SEC case, positing that the case could be further prolonged to 10 months. He has also commented on the possibility of a sooner settlement under the Trump government if the new SEC Chair Paul Atkins opts to drop the appeal.
The discussion began with Fox Business journalist Eleanor Terrett’s post on Trump’s TRUMP token. While Eric Trump hailed the TRUMP coin as the “hottest digital meme on earth,” Fagel dismissed it as a “pyramid scheme.”
🚨NEW: @EricTrump has officially commented on the launch of the $TRUMP token, calling it “the hottest digital meme on earth.”
It’s real. https://t.co/iAXrFwcnjh
— Eleanor Terrett (@EleanorTerrett) January 18, 2025
The conversation quickly escalated into a debate about hot topics, including the Ripple vs SEC case, Elon Musk’s ongoing battle with the SEC, and the broader implications of crypto regulations. Marc Fagel wrote,
Ripple broke the law, as a federal court confirmed. Musk, previously charged with securities fraud and thus a repeat offender, seems to have pretty clearly broken the law. But I guess we just give billionaires and well-financed companies a pass.
How Trump’s Memecoin Will Impact XRP Lawsuit?
Following the recent memecoin frenzy triggered by the TRUMP token, XRP lawyers are closely examining the potential outcome of the XRP lawsuit. For instance, attorney Bill Morgan raised concerns over the memecoin’s impact, urging Congress to adopt clearer crypto guidelines. At the same time, pro-XRP advocate John Deaton emphasized his preference for memecoin regulations over other concerns like SAB 121, CFTC oversight, and tax reform.
Ripple Lawsuit’s Broader Impact on Crypto Market
The Ripple vs SEC case conclusion could have a broader impact on the crypto market, especially in the regulatory landscape. Ripple’s win over the SEC could establish a legal precedent for other cryptocurrencies, clarifying digital assets as non-securities. However, if Ripple loses to the SEC, it could usher in a stricter regulatory environment, posing significant challenges for cryptocurrencies.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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