TRUMP Coin Skyrockets to $15B Market Cap, Dogelon Mars (ELON) Price Doubles Amidst Political Meme Coin Trend

Several altcoins are gaining attention today, driven by growing interest in political and celebrity-themed cryptocurrencies. Among the standout performers is TRUMP

Several altcoins are surging on Monday, spurred by the growing interest in political and celebrity-themed cryptocurrencies. Among the standout performers are TRUMP, Donald Trump’s official coin on Solana, which skyrocketed to a $15 billion market cap within just 24 hours of its debut.

However, the coin, which is not officially endorsed by Trump, has since seen a sharp correction, with its market cap now standing at $5.1 billion. Despite the correction, TRUMP has remained the top gainer among the top 100 cryptocurrencies by market capitalization.

Another political-themed coin, MELANIA, which is referencing Trump’s wife, followed with strong momentum, reaching hundreds of thousands of holders but entering a sharp correction. Meanwhile, Dogelon Mars (ELON), a meme coin related to the image of Elon Musk, saw its price double after weeks of sideways trading, highlighting the growing trend of meme coins tied to influential figures.

Here's a closer look at the three altcoins that surged on Monday:

Official Trump (TRUMP) Surges, Clocking 34% Loss in 24 Hours

TRUMP, Donald Trump’s official coin on the Solana blockchain, became one of the fastest-growing altcoins ever, reaching a market cap of $15 billion and $2 billion in trading volume within 24 hours of its launch on Monday.

Its explosive debut surged the price of Solana by 10%, reaching its highest levels of 2023 and kicking off a wave of gains across the cryptocurrency market. This is despite the fact that the coin is not officially endorsed by Trump.

The coin's rapid ascent was fueled by massive buying pressure, with buy orders outpacing sell orders by a ratio of 6:1 on Binance. Its price initially soared by 340% in 24 hours, reaching a high of $78.9.

However, TRUMP has been down 34% in the last 24 hours, with key resistance levels at $64.5 and $71.8 if momentum returns. If the euphoric buying slows down, the coin could correct further, finding support at $44.8 and $30.33.

If the euphoria continues to fade, TRUMP could fall further, testing support at $30.33 and possibly dropping to $15.43.

Melania Meme Coin (MELANIA) Skyrocketed, but Faced Correction

MELANIA, a coin referencing Donald Trump's wife, was launched on Solana just hours after TRUMP, quickly clocking billions in market cap. Its rapid rise showed how political-themed coins could be among the hottest narratives for this week.

The coin is also not officially endorsed by Melania Trump and was created by an anonymous team. It quickly surged in value, reaching a peak price of $6.88 on Monday morning. At one point, MELANIA was among the top 100 cryptocurrencies by market capitalization.

However, the coin has been hit by a strong correction, with its price sharply declining by 43% in the last six hours. The correction began after the coin faced selling pressure, with sell orders outpacing buy orders by a ratio of 2:1 on Binance.

If the correction persists, MELANIA could test support at $3.95, signaling further downside pressure. On the other hand, renewed hype could push the coin to test resistance at $9.36. A breakout above that level might drive the price toward $13.5, reigniting bullish momentum.

Dogelon Mars (ELON) Doubled in Price as Musk Attended Trump Inauguration

Dogelon Mars (ELON), a meme coin that is inspired by the image of Elon Musk, was trending in the top 150 cryptocurrencies by market capitalization on Monday. The coin saw its price double in a matter of hours.

Musk's presence at the inauguration of Donald Trump at Mar-a-Lago was highlighted by several crypto traders, who noted that the Tesla and SpaceX CEO was seen chatting with Trump throughout the event.

After a period of sideways trading, ELON began surging on January 19, doubling in price and reaching its highest levels since 2022. The coin was trading in the green on Monday, showing a 64% gain in the last 24 hours and a 100% increase in the past week.

If a correction occurs, ELON could test support at $0.00000017, with a risk of further declines below $0.00000010. However, if the hype persists, the coin may rise again to $0.00000068, potentially testing $0.00000090 with a strong