Billionaire Elon Musk and political figure Robert F. Kennedy Jr. have thrown their support behind Bitcoin advocate Howard Lutnick in the heated debate over who should become the next Treasury Secretary under President-elect Donald Trump.

Lutnick, CEO of Cantor Fitzgerald, is competing with Scott Bessent, founder of Key Square Group, for the role. Both contenders are recognized for their pro-crypto stances, making the decision pivotal for the U.S. financial landscape.

Pro-crypto Candidates Compete for Treasury Role in Trump Administration

On November 16, Kennedy Jr., recently nominated as Secretary of Health and Human Services, endorsed Lutnick for Treasury Secretary. He praised Lutnick’s pro-crypto approach, emphasizing its potential to address pressing economic challenges like inflation, the weakening dollar, and mounting national debt.

“Bitcoin is the currency of freedom , a hedge against inflation for middle class Americans,a remedy against the dollar’s downgrade from the world’s reserve currency, and the offramp from a ruinous national debt. Bitcoin will have no stronger advocate than Howard Lutnik,” Kennedy stated.

Musk also voiced support for Lutnick. In his statement, Musk suggested that Lutnick could drive meaningful change, contrasting him with Bessent, whom he described as a “business-as-usual” candidate. According to him, there is a need for bold action to address America’s economic challenges, adding that a shake-up was necessary to avoid further decline.

“Bessent is a business-as-usual choice, whereas Lutnick will actually enact change. Business-as-usual is driving America bankrupt, so we need change one way or another,” Musk chimed.

Lutnick’s leadership experience, particularly his role in rebuilding Cantor Fitzgerald, has earned him respect in the financial world. His open support for cryptocurrencies and efforts to integrate them into traditional finance, such as Cantor’s role as custodian for Tether’s assets, demonstrate his forward-thinking approach.

On the other hand, recent statements attributed to Bessent affirm his belief in crypto’s potential. This aligns with Trump’s vision of making the US the global leader in blockchain innovation. One statement reportedly attributed to him reads:

“I think everything is on the table with Bitcoin. One of the most exciting things about Bitcoin is that it brings in young people and those who have not participated in markets before. Cultivating a market culture in the US, where people believe in a system that works for them, is the centerpiece of capitalism.”

Meanwhile, the debate has extended to decentralized prediction markets, where users are divided. On Polymarket, both candidates have a 47% chance of being picked.

Observers noted that this appointment would likely set the tone for Trump’s administration, which has already demonstrated a strong pro-crypto stance by appointing several blockchain advocates to key positions. However, whether Lutnick or Bessent takes the role, the decision will have far-reaching implications for the country’s economic direction.

Bonk (BONK) has officially become the most valuable Solana meme coin by market capitalization, surpassing Dogwifhat (WIF) earlier today. This milestone follows the recent announcement by BONK’s Decentralized Autonomous Organization (DAO), revealing plans to burn 1 trillion tokens on Christmas Day.

While this strategic move helped fuel the shift, BONK’s price surge also contributed significantly to its rise. But the question remains: can this meme coin hold onto its newly found position?

Bonk Overtakes dogwifhat, Becomes Most Valuable Solana Meme Coin

Five days ago, BeInCrypto reported that BONK was the only Solana meme coin with a positive return in the top 100. While it is not the only one in the last 24 hours, it had the highest gain — climbing by 28%.

This price increase ensured that Bonk’s market cap flipped to WIF’s. At press time, Bonk’s market cap is $3.77 billion, while WIF’s is $3.76 billion.

According to our findings, BONK DAO’s announcement on November 15 that it plans to buy 1 trillion tokens by December 25 contributed to the hike. Typically, sending tokens to a burn address removes them from circulation, effectively locking them away and making them untradeable. 

This process reduces the overall supply, which can increase the scarcity of the remaining tokens in circulation, potentially driving up their price. 

Amid this development, Bonk’s social dominance climbed to 1.52%.  Social dominance measures how much attention a cryptocurrency garners compared to others. A high score signals strong community visibility, reflecting heightened interest and engagement within the market.

A low social dominance, on the flip side, indicates that there are fewer discussions about cryptocurrency. Generally, low social dominance is bearish. Therefore, the hike in the meme coin’s social dominance suggests that the Solana meme coin’s market cap and price might continue to climb.

BONK Price Prediction: Uptrend Not Over

BONK’s price currently hovers around $0.000050, supported by strong buying pressure. The daily chart reveals a significant increase in the Bull Bear Power (BBP) indicator, which measures the strength of buyers versus sellers.

A declining BBP suggests bearish dominance and potential price drops. However, in this case, the rising reading indicates that BONK bulls are gaining momentum, potentially driving the price higher.

If this trend continues, BONK’s price could climb to $0.000055. Conversely, if the meme coin becomes overbought, the uptrend might stall, leading to a potential pullback toward $0.000030.

Stellar (XLM) has experienced a significant surge in volume, reaching its highest levels since May 2021. This uptick coincides with Ripple’s (XRP) unexpected rally to $1 on Saturday, November 16.

XLM’s price also has risen by 30% in the last 24 hours, imitating XRP’s impressive performance. But why is this so? This analysis reveals everything that has to do with this closely-tied movement.

Stellar History with Ripple Remains in Effect

According to data from Santiment, XLM’s trading volume has surged to $2.96 billion as of this writing. This rise in volume clearly indicates growing buying pressure on the altcoin and a noticeable increase in market interest. 

The last time XLM experienced such high volume levels was during the 2021 bull market, a period when cryptocurrency assets saw market-wide rallies.

This spike in volume suggests that investors are becoming more confident in XLM’s potential, especially given XRP’s recent surge. Historically, both altcoins have shared a strong correlation, majorly due to two reasons.

Firstly, Jed McCaleb, the former co-founder of Ripple, went on to co-found Stellar. The two projects share a strong connection, particularly in their focus on blockchain-based cross-border payments, making Stellar’s fundamentals closely aligned with Ripple’s.

As a result, XRP and XLM prices often move in together. Macroaxis data supports this, showing a 90-day correlation coefficient of 0.96. To put this into perspective, the coefficient ranges from -1 to +1. Values closer to -1 suggest a weak correlation, while those nearing +1 indicate a strong link between the assets.

Besides the XLM volume, the altcoin’s Open Interest (OI) is also another metric that experiences a notable hike. High OI indicates that capital is flowing into the market, with new positions being established, reflecting a strong bullish sentiment.

On the other hand, a low OI suggests otherwise. According to Santiment, XLM’s OI has risen to $75.05 million — the highest level since Ripple’s partial win over the US in July 2023. Should the value continue to increase, then XLM’s price might also rise above $0.20.

XLM Price Prediction: Possible Move to $0.24

On the daily chart, XLM’s price initially rallied to $0.22, but it faced rejection at that point. Despite the slight retracement, the altcoin’s value remains above the Ichimoku Cloud. The Ichimoku Cloud is a technical indicator that measures support and resistance and identifies trend direction.

When the cloud is above the price, the trend is downward, indicating a high level of resistance. But in XLM’s case, the cloud is below the value, suggesting strong support that could push the price higher. 

If this remains the case and XLM’s volume continues to rise, then the altcoin could hit $0.24. However, if holders decide to book profits, this might not happen. Instead, XLM’s price could drop to $0.16.