President Trump has just issued an Executive Order about setting up a Presidential Working Group to investigate setting up a Crypto Strategic Reserve. Here is what it said:
It's going to have Ripple (XRP), Solana (SOL) and Cardano (ADA) in it. No mention of Doge. But he later mentioned Ethereum and Bitcoin:
The Bitcoin Maximalists are going crazy with disbelief. But we should not be surprised, as Trump's Crypto Czar is David Sacks.
A month ago I wrote about Solana and Trump: @teatree/solana-and-trump
Basically David Sacks owns a lot of Solana and layer 2 coins built on top of Solana, and persuaded Trump to issue his coin on the Solana network.
(Sacks runs a fund called Multicoin - you can see what coins they own here: https://multicoin.capital/portfolio/)
For Trump, the key thing is that the founders of Ripple, Solana and Cardano are Americans and most of the stakeholders are American - so these are American coins.
Coins from the rest of the world can't be controlled in the same way, and bitcoin can't be controlled at all as it is proof-of-work and is mostly mined outside the USA.
Solana is absolute rubbish, it keeps having network outages. Ripple is centralised. Cardano (ADA) is OK I guess.
But this is disappointing for crypto afficianados. But the Solana bagholders in the Trump administration will be able to cash out.