Donald Trump launched the Official Trump (TRUMP) token before his inauguration event at the beginning of the year. Within hours, the token reached its ATH of $75.35 before collapsing nearly 90%. This led to investors losing their confidence before this Sunday, as TRUMP memecoin price rally formed, gaining 10% in the last 24 hours. However, the question is how this happened and whether it will continue.
TRUMP Memecoin Price Surged 10% After Donald Trump’s Post
On March 23, Donald Trump posted on Truth to support his TRUMP memecoin, which turned successful as price surged immediately. The U.S. President endorsed his token with a simple post, calling it cool and greatest among all.
I LOVE $TRUMP — SO COOL! The Greatest of them all.
This was an awaited moment as Trump had not talked about his crypto in weeks; it was bearing a significant downtrend and hit an all-time low of $6.24. However, a bullish peak formed after the post, resulting in the price jumping from $10.72 to $12.24 within a few hours.
Although the token has moved minorly down from the peak, it is currently trading at $11.92 with a market capitalization of $2.38B. Additionally, it has a trading volume of $1.41B, up 360%, showcasing high investor interest, but will sustain it?
TRUMP Memecoin Price Prediction: 10x Rally in Formation
As the investors were concerned about the Official Trump coin price rally, a few analysts anticipated further uptrend. One such analyst pointed at the Donald Trump-influenced rally and claimed that the token is forming a base and is the only meme coin investors need to invest in.
The analyst further added that if the market’s bullish sentiments remain and the token breaks the $12 resistance, the price could witness 10x growth over the upcoming weeks.
$TRUMP on the daily chart getting back to 12$ resistance. Price is forming a base. Trump tweeted yesterday to pump my bag, cringe but good for me. $TRUMP is the only meme coin you need to be invested in imo. If markets show strength, I see a 10x possibility over the next few months.
However, at the same time, the drop from the peak reveals that the market is no longer excited about the Trump-themed token. More importantly, the seller may bring volatility if they attempt to take all the profits in.
Will Bullish Momentum Continue?
Despite the bullish performance, the TRUMP memecoin price is 75% down from the prime. This reveals that the token would require far more bullish factors for better performance, which seems missing as it does not carry any significant utility.
The global crypto market sentiments are still bearish, but the more significant concern is the president-affiliated companies holding a major stake in the crypto. Reports reveal that out of the 1 billion tokens, CIC Digital LLC (a Trump Organization affiliate) and Fight Fight Fight LLC hold 800 million tokens (80%).
Those allocations have affected the Official Trump coin price in the past and may continue to do so. Additionally, the upcoming 40 million TRUMP token unlocks may affect its performance further.
The unlocking will start on April 18 and may continue to enter the market until the end of 2027, bringing additional volatility due to building selling pressure. Some even claim that Donald Trump’s recent post was to grab some exit liquidity before unlocks.
Trump is shilling TRUMP coin on Truth Social… It seems like they are grabbing some exit liquidity before the unlock.
Overall, the volatility may take over soon per Official TRUMP price prediction, and the memecoin may crash again.
Frequently Asked Questions (FAQs)
The Trump memecoin surged 10% today after Donald Trump endorsed the token on social media, calling it cool and greatest among all.
The Official Trump entered the market with a massive rally, but insider activities, whale dominance, and investor concerns led to its downfall.
Due to Donald Trump’s support, a few analysts anticipate the possibility, while others discard this due to token unlocks, allocation issues, and investors declined support.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/trending/why-is-trump-memecoin-price-up-10-today-will-it-sustain/
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