Senator Cynthia Lummis and Eric Trump Explore Strategic Bitcoin Reserve Proposal at the Capitol

Senator Cynthia Lummis and Eric Trump met at the Capitol to discuss a proposal for a strategic Bitcoin reserve, aiming to position the U.S. as a leader in the evolving digital economy. Lummis emphasized Bitcoin’s potential to strengthen economic resilience and protect against inflation, while Trump highlighted its role in safeguarding wealth from geopolitical risks.

Donald Trump’s Meme Coin Faces Volatility Amid His Comments and Melania’s Competing Token Launch

Donald Trump’s meme coin, TRUMP, experienced significant volatility after he distanced himself from the $8 billion project, stating, “I don’t know much about it other than I launched it.” The coin fell 16% to $40.29 following his comments but recovered to over $43.37.

Adding to the turmoil, Melania Trump launched her own Solana-based meme coin, “Melania,” which surged over 12,000% to $6.70 within 24 hours. Her announcement caused a 50% price collapse for the TRUMP coin due to massive sell-offs. Despite the fluctuations, the TRUMP token regained 7.5% within an hour, with a fully diluted valuation of $43.6 billion. The launch of competing tokens has sparked debate in the crypto community about their impact on the industry.

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Rex Shares and Osprey Funds File for Crypto ETFs, Including TRUMP Memecoin

Rex Shares and its crypto-focused affiliate, Osprey Funds, have filed for seven crypto exchange-traded funds (ETFs) with the SEC, including one for the TRUMP memecoin. The filing also includes ETFs for Dogecoin (DOGE), Bonk (BONK), Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). The TRUMP token, launched just before Donald Trump’s inauguration, saw its market cap soar to $14.5 billion before tumbling 50% due to volatility and concentrated ownership, with Trump-affiliated entities holding 80% of the supply.

The SEC’s stance on approving the ETF remains uncertain, especially with the recent appointment of Mark Uyeda as interim chairman. Rex and Osprey may be betting on favorable outcomes under the Trump administration’s influence. DOGE and BONK, also part of the filing, posted modest gains of 3% and 8%, respectively, while TRUMP slid 18.5%. The application underscores the growing interest in meme coins and their integration into traditional financial products.

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