TRUMP Token Steals DOGE’s Spark
The DOGE is still the Department of Government Efficiency, but the iconic Doge meme imagery shared with Dogecoin is no longer present on the DOGE agency website, and the original meme coin is currently in a bearish run.
The pioneer meme coin was trading at $0.431 before the TRUMP token introduction but has fallen below the $0.35 support line. Dogecoin’s growth has been propelled by its association with Musk, rekindled in recent months as the richest man in the world talking about the coin while endorsing Trump during the campaign trail.
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The price would need to bounce around the level at $0.35 to boost buyers’ sentiments; if it did not, it might move toward the support line at $0.28. The fact that the RSI has been rising for several months, if not years, is another encouraging factor.
President Trump officially announced plans for the Department of Government Efficiency following his election victory in November. However, selling pressure took an affirmative shape after Trump launched his meme coin.
The resignation of Gary Gensler and the appointment of pro-crypto acting chairman Mark Uyeda are part of the significant leadership changes at the US Securities and Exchange Commission (SEC).
Uyeda’s arrival has sparked optimism for a more welcoming attitude toward novel crypto products, such as suggested meme coin exchange-traded funds (ETFs).
A special challenge for the regulatory body is the TRUMP meme coin in these filings, which raises concerns about the SEC’s approach to a product associated with the president’s meme coin.
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