US President Donald Trump is reportedly launching a new crypto wallet in partnership with Magic Eden. Apparently, users will also be eligible to partake in a $1 million airdrop of TRUMP tokens.
There aren’t many specific details about this project available, but Magic Eden confirmed its involvement. Trump has a long-running interest in the NFT market, launching new ones last month, which could explain this choice.
Trump recently included NFT rewards in his Gala Dinner package, potentially explaining Magic Eden’s help making the wallet.
Unfortunately, we don’t have even the most basic information about the TRUMP wallet yet, including topics like KYC information, security, custody structure, etc. For now, interested users can join the waitlist in the hope of future developments.
The waitlist doesn’t have a clear end date, but it encourages users to buy TRUMP tokens. The meme coin has seen increased sell-offs since the dinner concluded a few weeks ago. Yet, today’s wallet announcement brought a brief spike.
The latest crypto wallet will likely bring more political scrutiny, specifically from the Democrats. Yet, the US president seems committed to furthering his meme coin venture.
Dogecoin (DOGE) has seen a modest recovery in price recently, posting a 36% rise this week. However, this rally faces potential obstacles, as long-term holders (LTHs) have started selling their holdings in significant volumes.
This selling trend could create volatility, hindering Dogecoin’s ability to maintain its recent gains.
Dogecoin Key Investors Take Profit
The Age Consumed metric for Dogecoin has shown a sharp spike, signaling that LTHs are selling their holdings at a pace not seen since June 2023. This increase in selling activity marks the heaviest selling in almost two years, highlighting a shift in investor behavior.
LTHs are often viewed as the backbone of a cryptocurrency, and their decision to sell could introduce heightened volatility in the market.
As LTHs begin to liquidate their positions, this selling pressure could undermine the current rally. The reduction in holdings from long-term investors may also raise concerns among shorter-term traders, creating uncertainty.
The overall macro momentum for Dogecoin is showing mixed signals. According to the Ichimoku Cloud indicator, Dogecoin continues to show bearish momentum. While the candlesticks are above the cloud, indicating a potential uptrend, the pressure from LTH selling could reverse this momentum.
While the Ichimoku Cloud’s position suggests some positive movement, the sustained selling by LTHs could quickly dampen any optimism. If this selling pressure continues, it could lead to a reversal in price momentum, keeping Dogecoin from maintaining its recent gains.
Although Dogecoin’s price has risen by 36% this week, it remains vulnerable to a decline below $0.200. The recent rally, while impressive, is still susceptible to the ongoing selling pressure from long-term holders. As such, Dogecoin could face challenges in maintaining its price above the current levels.
Trading at $0.234, Dogecoin is approaching a critical support level at $0.220. If the price fails to hold this level, it could fall to $0.198, erasing a significant portion of the recent gains.
This would indicate that the selling pressure is overpowering the bullish momentum, potentially triggering a further decline.
However, if Dogecoin manages to secure $0.220 as support and rebounds off this level, it could attempt to flip $0.245 into a support level.
A successful move above $0.245 would pave the way for a rise to $0.268, allowing Dogecoin to invalidate the bearish outlook and maintain its upward trajectory.
In an electrifying presentation that drew over three million viewers, CEO Elon Musk revealed Tesla’s groundbreaking self-driving vehicles, including the…
AI coins remain a key narrative in the market, with several projects showing strong momentum despite broader sector correction. Internet Computer (ICP) has struggled over the past month, but its decentralized infrastructure could become very relevant in the AI space.
Alchemist AI (ALCH) has surged recently, benefiting from growing interest in no-code AI solutions. Story (IP) is one of the most trending AI coins, up 79% in the last 30 days, and it has the potential to reach new all-time highs if market sentiment continues to favor AI-driven projects.
Internet Computer (ICP)
The Internet Computer (ICP) is a decentralized platform that hosts secure, network-resident code and data, allowing developers to build web applications without relying on Big Tech or traditional IT infrastructure.
The platform supports a wide range of use cases, including web3 social media, games, DeFi, multi-chain applications, secure front-ends, ledgers, enterprise solutions, and AI models.
ICP is down more than 13% in the last 30 days, with its market cap now below $3 billion. If the current downtrend continues, ICP could test support at $6, and a break below that level could push it to $5.88, with a stronger selloff leading to $5.62.
On the upside, if momentum shifts and the trend reverses, ICP could test resistance at $6.82, with a breakout potentially sending it to $7.27 and $7.45.
Alchemist AI (ALCH)
Alchemist AI is a no-code development platform that allows users to create software applications using simple descriptions.
ALCH has surged more than 34% in the last 24 hours and over 54% in the past seven days, bringing its market cap to $60 million – its highest level since the end of January. If the uptrend continues, ALCH could test resistance at $0.0748, with a breakout potentially pushing it to $0.116 or even $0.18, its highest level since mid-January.
However, if momentum fades and a downtrend forms, the AI coin could test support at $0.059, with a break below that level potentially leading to $0.045. A stronger selloff could send the price as low as $0.021, marking a possible 70% correction.
Story (IP)
Story has been one of the most trending artificial intelligence coins in recent weeks, gaining 79% in the last 30 days despite the broader crypto market correction and AI coins such as VIRTUAL correcting by 50% in the same period.
Its market cap is now close to $1.3 billion, with daily trading volume around $150 million.
If AI coins regain momentum as they did a few months ago, Story could benefit and test resistance at $6.96 and $7.99, potentially surpassing $8 for the first time and reaching new all-time highs.
However, if momentum fades, Story could lose support at $5.00, with a drop to $3.60 as the next key level. A deeper correction could send the price as low as $2.12, marking a significant retracement from its recent surge.
(@MagicEden) June 3, 2025
