Trump meme coin gains momentum amid volatility, investor interest
ETF filings boost TRUMP coin
The TRUMP meme coin, a cryptocurrency launched by former U.S. President Donald Trump, continues to attract traders and remain a focal point for the crypto community.
The token debuted on January 17, generating significant market activity. Within two days, its value surged to $76.94, with a market capitalization of approximately $15 billion. However, the launch of a competing meme coin by Melania Trump triggered a sharp decline in TRUMP’s value, plunging 40% to $32.
Key takeaways:
- A trader accumulated 445,625 TRUMP tokens worth $15.3 million after earning $6.7 million from reselling the token.
- ETF applications by REX Shares and Osprey fueled interest in TRUMP.
- Analyst Ali Martinez predicted TRUMP’s price could rise to $54, citing a bullish breakout.
- TRUMP’s price increased to $41.67, with a market capitalization of $8.4 billion and $13.4 billion in trading volume.
Whale activity fuels speculation
According to Lookonchain, significant whale activity has contributed to ongoing volatility. Reports indicate one trader spent $7.06 million USDC to purchase 207,868 TRUMP tokens at $33.96 each. Just two hours earlier, the same trader bought 237,757 TRUMP tokens for $8.06 million USDC at an average price of $33.91 per token. Previously, the trader spent $1.52 million to acquire 310,850 TRUMP tokens at $4.89 each, later selling them for $8.24 million at an average price of $26.50, yielding an impressive profit of $6.7 million.
This buying spree occurred shortly after REX Shares and Osprey filed applications for TRUMP meme coin ETFs, adding further intrigue to the token's trajectory.
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Bullish technical models and market projections
Crypto analyst Ali Martinez highlighted a bullish breakout for TRUMP, noting its escape from a descending wedge pattern, a technical indicator suggesting potential upward momentum. Martinez projected a target price of $54, boosting optimism among traders.
Current market performance
As of writing, TRUMP’s price has risen to $41.67, reflecting renewed investor interest. Its current market capitalization stands at $8.4 billion, with a 24-hour trading volume of $13.4 billion, signaling sustained but volatile market engagement.
TRUMP price chart. Source: CoinGecko
A balancing act
While the TRUMP meme coin has demonstrated its ability to capture trader enthusiasm, its success remains contingent on market speculation, high-profile endorsements, and mounting competitive pressures. The coming weeks will be pivotal in determining whether the token can sustain its momentum and reach its bullish targets in an ever-changing crypto landscape.
Closing note
Interestingly, despite the crypto community's expectations, President Donald Trump did not mention Bitcoin or cryptocurrencies nor issue any related executive orders during his first day in office.
