PK Press Club — ‘s cryptocurrency continues to lose momentum against competing tokens. The decline comes amid excitement generated by former President Donald Trump’s venture into the speculative segment of the digital asset market.
The Ether/Bitcoin price ratio, a measure of how the second-largest token is performing relative to the largest, fell to its lowest level since 2021 on Monday, according to data analyzed by Bloomberg.
During the same period, it reached an all-time high of $109,241. Meanwhile, the native token of, a blockchain that competes with Ethereum, reached new highs over the weekend.
Solana’s rise in value was largely driven by two memecoins introduced on its blockchain by Trump and his wife Melania before his inauguration. Trump’s memecoin saw heavy trading activity over the weekend, reaching a market capitalization of $15 billion before experiencing a sharp decline, according to data from CoinMarketCap.
The pro-crypto stance taken by Republicans has benefited most major digital assets since Trump’s victory over Democrat Kamala Harris in November.
Memecoins, often represented by joke tokens like , are highly volatile cryptocurrencies with little inherent value. They can see substantial gains if they attract the attention of social media users, but are also susceptible to rapid outages.
Solana, the self-proclaimed “Ethereum killer,” has become the preferred network for memecoin launches. The price ratio of its token against Ether reached an all-time high on Sunday, as speculators invested heavily in Trump coins.
While other cryptocurrencies are setting records, Ether remains about 30% below its 2021 peak. Over the past 12 months, the token is up 39%, compared to gains of 156% and 180% respectively. for Bitcoin and Solana.
The relatively subdued demand for Ether has caused investor concern. Over the past three months, a group of 12 Bitcoin exchange-traded funds in the United States saw a net inflow of more than $17 billion, while similar Ether investment products attracted just $3 billion. dollars, according to Bloomberg data.
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