Trump-Themed Memecoin Faces Market Decline Despite ETF Speculation

Tuttle Capital recently filed an amendment to set the effective date for its leveraged crypto and memecoin ETFs to July 16, raising speculation that the TRUMP memecoin could soon have an ETF. Despite the optimism, the token continues to face price struggles.

The amendment applies to various 2x leveraged long crypto ETFs, including tokens like XRP, Solana, Litecoin, BNB, and Polkadot, as well as memecoins like BONK, TRUMP, and MELANIA. Although the amendment indicates a potential launch, ETF expert Eric Balchunas noted that the effective date doesn’t necessarily signal an immediate launch, but is often a precursor to such events.

While the Tuttle ETFs and the recently launched Rex-Osprey SOL ETF do not require SEC approval, their filings suggest increasing positive sentiment around spot altcoin ETFs. The SEC has also approved the conversion of Grayscale’s Digital Large Cap Fund into an ETF, marking a significant step forward for the crypto ETF market.

Additionally, reports suggest the SEC is working on setting listing criteria for crypto-based ETFs, which could streamline the approval process and provide clearer guidelines for issuers.

Despite the speculation around an ETF, the TRUMP memecoin has seen a continued decline. Over the last 24 hours, the token has dropped further, continuing a trend that has seen it lose more than 6% in the past week and over 22% in the past month.

Currently trading around $8.64, TRUMP is down 88% from its peak of $75. The memecoin sector, in general, faces a decline in attention, with the spotlight shifting to other market areas.