Trump Supports Another Meme Coin? | Bitcoin and Crypto Dumps
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Trump's Second Meme Coin
- Trump posted an AI-generated image on Instagram with the acronym F-A-F-O
- A new meme coin, F-A-F-O, was launched and its market cap reached $80-100 million before settling at $43 million
- The token's price increased by 35,000%
- It is unclear if Trump is backing the coin, but its token economics appear to be better than his previous coin
Market Analysis
- The market suddenly dropped after the host's Sunday video was posted
- Bitcoin's price fell to $101,000, a 4-5% decrease
- The RSI (Relative Strength Index) indicates an oversold condition, suggesting a potential buying opportunity
- The host believes the drop may be due to Japan's rate hike or a final shakeout before a potential uptrend
Recommended Cryptocurrencies
- XRP: great buying opportunity below $3
- Solana: oversold, with a great buying opportunity under $240
- Suey: also oversold, with no reason for its recent weakness
- Bitcoin: a good buying opportunity due to its oversold condition