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Why These Altcoins Are Trending Today — February 5 The cryptocurrency market has resumed its downtrend today, with the market cap losing $125 billion over the last 24 hours.  However, a few altcoins have defied the broader downtrend, attracting traders’ attention with their price movements. Official Trump ($TRUMP ) The Donald-Trump-linked Solana-based meme coin TRUMP is one of the most searched altcoins today. This comes amid the double-digit surge in MELANIA’s value over the past 24 hours, which has caused it to rank as the market’s top gainer.  TRUMP trades at $18.33 at press time, registering a 6% price uptick in the past 24 hours. However, despite this rally, readings from its 12-hour chart suggest that bearish control over the meme coin remains significant. For example, its Elder-Ray Index is at -7.09 as of this writing. This indicator measures the relationship between an asset’s buying and selling pressure in a market. When the index is negative, it suggests that sellers are in control, and the asset’s price is likely to face downward pressure. Should this play out, TRUMP could shed its recent gains and fall toward $16. TRUMP Price Analysis. On the flip side, if the bulls regain market control, they could propel the meme coin’s value to $28.23. Venice Token (vvv) VVV is a trending altcoin today. Its price has jumped 44% in the past 24 hours despite allegations of misconduct against its developer team.  analyst claims the team illegally issued themselves $5.7 million worth of VVV tokens after the Coinbase listing, raising transparency concerns According to analysis, the team allegedly sold $450,000 worth of these tokens via a fresh wallet linked to their multi-signature wallets.  However, these claims remain unverified as VVV notes a double-digit spike today. If the rally continues, the altcoin’s price could touch $6.75. VVV Price Analysis. Conversely, a price correction could cause VVV to drop below $5 to exchange hands at $3.65.  Solana ($SOL ) Layer-1 (L1) coin SOL is also a trending altcoin today. As of this writing, it is trading at $205.13, recording less than a 1% price fall. Over the past week, the coin’s value has plunged 12% due to a broader market decline and low activity on the Solana network. On the SOL/USD one-day chart, readings from the coin’s Directional Movement Index (DMI) reflect the bearish outlook. At press time, the Positive Directional Index (+DI, blue) is below the Negative Directional Index (-DI, orange), confirming the strength of SOL bears.   This indicator measures trend strength and direction using two key lines: the Positive Directional Index and the Negative Directional Index. When the +DI is below the -DI, bearish momentum is stronger than bullish momentum, suggesting a prevailing downtrend. If the downtrend continues, SOL’s price could fall below the critical $200 level to $187.71. SOL Price Analysis. However, if market sentiment shifts from negative to positive and SOL accumulation resumes, its price could climb to $229.03.

In the world of cryptocurrency, Shiba Inu (SHIB) has been a household name for its explosive rise and loyal community. Recently, the token has gained significant attention due to a massive 18 million SHIB burn event within just 48 hours. Such burns are critical to the ecosystem of SHIB, and they have the potential to influence the token’s price in various ways. Let’s dive into what’s happening with Shiba Inu’s price and the implications of this burn event. ▪️What is the SHIB Burn? Burning SHIB refers to permanently removing coins from circulation, usually by sending them to an inaccessible wallet. The goal is to reduce the total supply of the token, which, in theory, increases scarcity and could raise its value. The Shiba Inu community has embraced the burn mechanism as a way to drive up the price over time. ▪️The 18M SHIB Burn Event In the past 48 hours, a massive 18 million SHIB tokens were burned. While this may seem like a small number in the grand scheme of Shiba Inu's overall supply, it's still a significant burn, as these efforts are often carried out by community members, businesses, or other crypto-related initiatives. The recent burn reflects the ongoing commitment by the Shiba Inu community to reduce the supply and ultimately increase the value of the remaining tokens. ▪️Market Response: What’s Happening With SHIB’s Price? Typically, burns are expected to have a bullish impact on a cryptocurrency’s price, especially when the burn is substantial and happens over a short period. The general idea is that with fewer coins in circulation, demand for the remaining tokens may increase, thus driving the price up. However, it's important to note that burns alone are not the only factor affecting a cryptocurrency’s price. The market sentiment, macroeconomic conditions, and overall demand for Shiba Inu also play a crucial role. While burns can provide a temporary boost or instill optimism among investors, they don't guarantee long-term price growth. In Shiba Inu’s case, the recent 18M burn could trigger a short-term spike in its price due to the psychological effect on the community and potential traders. Many SHIB holders may interpret the burn as a positive sign, believing that it’s part of the broader strategy to decrease supply and increase value. Furthermore, news of such burns often leads to increased trading volume as market participants react to the event. ▪️The Long-Term Impact: Will SHIB See Continued Growth? To assess whether this burn will lead to sustained price growth, it’s essential to consider other factors influencing SHIB’s market. Shiba Inu's price has seen volatility in the past, influenced by factors such as meme coin trends, broader cryptocurrency market fluctuations, and ongoing developments from the Shiba Inu team (including its efforts to expand into decentralized finance, NFTs, and other ventures). While the 18M SHIB burn is a positive signal, it's the combination of ongoing utility, adoption, and innovative developments that will determine SHIB's long-term price trajectory. ▪️Conclusion The 18M SHIB burn over the past 48 hours is a significant move in the ongoing strategy to reduce supply and increase demand for Shiba Inu. While the immediate market reaction may reflect optimism, the true test will be in the continued development of the Shiba Inu ecosystem. If the community and developers can deliver on their promises and increase utility, SHIB may have the potential to see sustained price growth in the future. Crypto enthusiasts should always remember that the market can be volatile, and price fluctuations are common. The SHIB burn event is one of many pieces of the puzzle, and it’s important to keep an eye on future developments that could further impact the price of Shiba Inu. $SHIB

The current #Bitcoin Dominance chart is very similar to what we've seen back in the beginning of 2021! There was a long and exhausting rally upwards (on Dominance) that ended up with Double Top with Squeeze right at the start of 2021 (year after BTC Halving). At the moment we can see almost the same picture — long climb upwards and a double top with squeeze! I know that analysing Bitcoin Dominance has become a meme recently, but I just can't ignore this formation.

Meme Project PAIN: The presale raised 185,976 SOL and will refund 80% of the raised funds #Bitcoin $BTC

Meme project PAIN: Pre-sale raised 185,976 SOL, 80% of the funds raised will be refunded The official Meme project PAIN posted on social media that the project raised 185,976 SOL in 48 hours of pre-sale, but the launch of the Meme does not require so much funds. At the launch,…