Trump Token Surges After Presidential Endorsement
The memecoin TRUMP, launched by US President Donald Trump, experienced a significant price increase following the President’s promotion of it on his Truth Social platform.
Trump’s Public Endorsement
In a recent post on March 23, Trump praised the token as “SO COOL” and “The Greatest of them all,” marking his first public endorsement of the token since January. This endorsement immediately sparked renewed interest across the crypto market.
Price Surge and Market Impact
- TRUMP token price surged from $10.93 to $12.25, a 12% increase, before stabilizing around $11.91.
- The price performance briefly placed the digital asset on CryptoSlate’s top 10 gainers list.
Derivatives Trading Soars Amid Speculation
Derivatives trading volume for TRUMP skyrocketed by 373.30% to $2.61 billion, reaching a multi-week high. Open interest in TRUMP futures also rose by 25.25% to $370.68 million, indicating renewed speculation surrounding the token.
- Coinglass data reveals a significant surge in TRUMP’s derivatives trading volume.
- Open interest in TRUMP futures rose by 25.25%.
Whale’s Misstep
Despite the excitement in the market, a high-profile whale suffered a substantial loss. After investing $5 million USDC into the rally, the whale incurred a six-figure loss when selling the tokens shortly after Trump’s post.
- A high-profile whale lost $207,000 in just one hour.
- The whale’s earlier success in TRUMP investments contrasted starkly with this recent loss.
Decline in Memecoin Interest
Following Trump’s promotion of the memecoin, the crypto community noted a decline in interest in the memecoin sector. Analysts highlighted the weakening market sentiment towards memecoins.
- Interest in memecoins has significantly declined as investors turn to more established crypto projects like Bitcoin.
- Public figures and governments launching memecoins have faced backlash for exploiting hype and lacking transparency.
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