Elon Musk's Summit with Trump: Are Altcoins on the Verge of Striking Riches?
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On August 13, 2024, "X" saw a historic event as Trump and Musk appeared together on a Twitter Space live stream, sparking immense enthusiasm in the cryptocurrency world and attracting over 1 million viewers. Although technical issues initially disrupted the live stream, affecting 2 million viewers, Musk later disclosed that the X platform had faced a large-scale DDOS attack. Despite these challenges, their compelling conversation continued uninterrupted. The discussion covered hot topics such as Trump's assassination attempt, illegal immigration, and Biden's withdrawal, generating significant public interest. Simultaneously, this conversation had a notable impact on altcoins, leading to the creation of 160,000 related memes, including Trump's $MAGA declaration upon his return to Twitter and Musk's $FIGHT emoji from the live stream. The surge in meme popularity greatly boosted the prices of the associated tokens.
1. Exclusive Reveal: The Captivating Conversation Between Musk and Trump
In the conversation between Musk and Trump, the two prominent figures explored several key topics. Trump reflected on an assassination attempt and sharply criticized current immigration policies, economic challenges, and energy issues. He highlighted the effectiveness of his policies during his tenure and criticized the current administration's failures in handling illegal immigration, economic difficulties, and energy prices. Additionally, he proposed reform suggestions, including increasing oil extraction, relaxing regulations, and improving the education system. This discussion not only delved into political and security issues but also addressed major topics related to future technology and economic policies. The specific content is as follows:
- Assassination Attempt: Trump described a recent assassination attempt, noting that his injuries were minor. He credited a "chart on illegal immigration" for saving him, as he turned his head to look at the chart just as the bullet was fired, which prevented more severe harm. He also praised the bravery of the Secret Service and the effective maintenance of order at the scene.
- Immigration Issues: Trump criticized the current administration for reversing his immigration policies, which he claims has led to a surge in illegal immigration and a threat to U.S. security. He mentioned the possibility of 50 to 60 million immigrants entering the country and announced a plan for the largest deportation effort in history.
- U.S. Economy: Trump accused the current administration's energy policies of causing inflation and rising energy prices. He proposed measures such as increasing oil extraction, relaxing regulations, and reforming the education system as crucial steps for economic recovery.
- Energy Issues: He argued against demonizing fossil fuels while promoting sustainable energy, suggesting that nuclear energy is underrated. He referenced the Fukushima nuclear accident and the need for improvements.
- Current Administration: Trump criticized the Biden administration for its performance in legal matters, health, and policy. He also questioned international trade practices and NATO expenses, and discussed the need for technological advancements and regulatory reform.
2.Summit Sparks a New Wave in the Cryptocurrency Economy?
Musk's social media posts reveal that the total viewership of his dialogue with Trump and the subsequent discussions has now reached approximately 1 billion. This includes humorous and witty AI-generated dance videos created by netizens, showcasing the lasting impact of this summit. Data also indicates significant anticipation within the crypto community for this conversation. On the evening of August 12, Bitcoin and spot ETFs experienced notable capital inflows, reaching $27.8 million and $5 million, respectively. This reflects a well-balanced capital situation in these markets, particularly in the Ethereum space. The selling pressure on Grayscale Ethereum Trust (ETHE) has significantly eased in less than two weeks. On the previous day, ETHE did not experience any capital outflows, indicating that the most challenging phase post-spot ETF approval has passed. Additionally, the ETH/BTC price rebounded significantly, briefly surpassing the 0.045 level. With the continued positive impact of ETFs, this rebound trend is expected to drive ETH prices higher. Therefore, maintaining an optimistic outlook on ETH's future performance is reasonable. Bitcoin, on the other hand, is more influenced by macroeconomic factors, showing greater price volatility in the short term, but it remains in an upward bull market trend in the long term. Bitmex founder Arthur Hayes predicts that if Bitcoin breaks $70,000 and Ethereum surpasses $4,000, the cryptocurrency market will enter a new bull cycle for altcoins. Current signals in the altcoin market are strong, and investors should monitor these dynamic changes to seize upcoming investment opportunities.
3.An Altcoin Frenzy?
Regarding the altcoin market, it seems to have entered an all-night celebration in the wake of this summit. Although the overall market performance remains flat, many sectors have shown unstoppable upward momentum, reflecting strong market vitality. The surge in prices and spike in trading volume have filled the market with excitement and anticipation, with investors witnessing robust sector performances and accelerated capital inflows.
- Meme Craze: During the conversation between Trump and Musk, Musk's habitual response of "yeah" led to a surge in the related token price. According to market data, the price skyrocketed to $0.00192 within 20 minutes, and the market capitalization quickly surpassed $2 million. Trading volume reached $10.28 million within 2 hours, indicating a strong market reaction.
- Sector Performance: The #BRC20, $SATS, and $ORDI sectors performed exceptionally well, with significant price increases. #BTCFi-related infrastructure also showed notable strength, particularly $ORDS, which tripled in value after the "85" incident.
- Modular Track: Tokens such as $SAGA, $DYM, and $TIA saw price increases of around 20% last night, demonstrating a clear upward trend across the board.
- Public Chain Field: $SUI has led the way in redefining project positioning. Dubbed the "Solana killer," this project has garnered support from major figures, with $APT also receiving attention. Other single-chain public chain projects are showing positive trends, and established DeFi projects like $CRV, $AAVE, $MKR, $SNX, and $DYDX are also beginning to recover. $CRV, in particular, has seen a 40% increase in recent days.
It is evident that there are clear signs of activation in the secondary market. The strong performance and upward momentum across various sectors indicate that the market is undergoing a positive transformation. If the overall market can recover, it will pave the way for the true arrival of a bull market for altcoins. Now is a critical moment to define investment directions and seize market opportunities. As the market may be heading towards a new peak, investors should closely monitor market dynamics, develop clear strategies, and capitalize on this potential bull market opportunity. This is not only a chance to embrace new market highs but also an opportunity to achieve investment goals.
4.Altcoin Aftershocks: How to Effectively Utilize Market Trends?
Before investing in altcoins, it is crucial to understand the overall market trends. The cryptocurrency market in 2024 has experienced significant changes, especially with the influence of major coins like Bitcoin and Ethereum, leading to notable fluctuations in altcoin prices. By keeping an eye on market news, analyzing expert forecasts, and tracking the trends of major cryptocurrencies, you can gain a clearer understanding of potential movements in altcoins.
At the same time, selecting a reliable and feature-rich trading platform is essential for effective altcoin investment. MEXC is highly regarded for its extensive range of altcoin trading options and efficient trading system. Its intuitive interface enables investors to easily locate and trade various altcoins. For instance, with the rising popularity of Meme-type tokens in 2024, MEXC offers a comprehensive platform for trading these tokens. To access these tokens, open the MEXC App, go to the homepage, click on [More], select the [Meme+] section under [Spot], and explore the available popular tokens.
Here is a demonstration of placing an order to purchase BOME tokens:
1) Open the MEXC app and enter "BOME" in the search bar at the top.
2) Select the BOME spot trading option.
3) On the K-line page, click [Buy].
4) Choose your order type, set the quantity, and click [Buy BOME] to complete the purchase.
If you are experienced in short-term futures trading, you can opt for BOME futures trading to earn profits from price fluctuations.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.