The post Did Donald Trump Fuel Stargate Finance (STG) Token’s Rally? Here’s How appeared first on Coinpedia Fintech News
As the Donald Trump administration settles down for a thrilling task ahead of making America great again, the altcoin market has gradually gained bullish momentum. Under the Trump administration, the cryptocurrency industry has massively been legalized, especially memecoins and DeFi tokens.
Moreover, the previous Joe Biden administration heavily recognized Bitcoin (BTC) and Ethereum (ETH) as commodities, while the rest of the digital assets were classified as securities. Consequently, more investors, led by institutional investors, have been preparing to wholly endorse the cryptocurrency industry in the near term as a hedge against inflation.
Top DeFi Token to Consider Ahead
Following the sustained Bitcoin price close above $100k in the recent past, the Stargate Finance (STG) token has signaled the onset of its macro bullish sentiment. The small-cap altcoin, with a fully diluted valuation of about $378 million and a 24-hour average trading volume, surged over 13 percent to trade about $0.378 on Wednesday, during the mid-London session.
From a technical analysis standpoint, STG price, in the daily time frame, has consistently closed above the 50 Moving Average (MA) in the last few months, potentially signaling the buyers are in control.
Since November 2024, STG price has formed a rising trend, characterized by higher highs and higher lows. In the long haul, if the STG token consistently closes above 55 cents, the next phase of the macro bull run will be confirmed.
Bullish Factors in Stargate Finance
Stargate Finance has grown to a major omni-protocol, with over $436 million in total value locked (TVL). The highly liquid STG token, with over 38k on-chain holders, has gained massive utility through the Stargate Farm program, whereby liquidity providers get rewarded.
The Stargate Finance protocol has gained significant utility as Ethereum’s layer two scaling solutions attract more mainstream users. Moreover, the Stargate Finance platform enables users to seamlessly transfer assets between different chains securely for a small fee.