US Senate Investigation Sparks Concerns About Meme Coin Prices Ahead of Trump's Mar-a-Lago Conference

A recent development in the cryptocurrency market has raised concerns about the prices of popular meme coins, including DOGE, SHIB, and PEPE. The US Senate is investigating President Trump's upcoming conference for TRUMP meme coin holders at Mar-a-Lago.

The investigation is centered around allegations that the conference is manipulating the price of the TRUMP meme token, which has bounced slightly after the event was announced.

As a result, market analysts are now closely watching the prices of DOGE, SHIB, and PEPE for potential volatility. According to data from SoSoValue, inflows to the spot DOGE ETF have surged to a 4-month high, indicating increased demand for the token.

However, despite this increase in demand, the Relative Strength Index (RSI) shows that spot buying pressure remains suppressed, with a neutral reading of 50. This suggests that neither bulls nor bears have the upper hand at present.

The bullish crossover on the 50-day SMA above the 100-day SMA also indicates a possible surge in DOGE price. If this trend continues, Dogecoin may test resistance at the 78.6% Fibonacci level at $0.0943 before moving towards $0.10.