Eyebrows raised across crypto markets Sunday when President Trump took to Truth Social to hype his namesake token.
“SO COOL” and “The Greatest of them all,” Trump declared about the TRUMP token in a rare direct endorsement from a sitting president. The March 23 post triggered an immediate frenzy. No surprise there.
The token shot up 11% in hours, jumping from $10.91 to $12.11. It briefly touched $12.25 before settling around $11.85. Do the math and that’s a $100-400 million market cap increase. Not bad for a single social media post.
Trading volume exploded past $1 billion in 24 hours, reaching levels not seen since early March.
Still, let’s get real. The token remains 85% below its January peak of $73-77, achieved right after Trump’s inauguration. The rapid post-launch surge to almost USD 75 per token mirrors typical memecoin volatility patterns. Talk about a roller coaster.
Despite all the hype, TRUMP token is still down 85% from its post-inauguration high. Some rollercoaster.
The TRUMP token dominated Asian trading hours, outperforming the broader crypto market‘s measly 2% gain. Traders scrambled to capitalize. Like most meme coins, TRUMP derives its value primarily from social media popularity rather than underlying utility. Some analysts are dreaming big, predicting 10x growth if the $12 resistance breaks. Others see a classic pump-and-dump. Who’s right? Who knows!
The token’s backstory raises eyebrows. Launched January 17, just days before Trump took office, it initially reached a $15 billion market cap.
But here’s the kicker—Trump-affiliated companies control 800 million of the 1 billion tokens. Only 200 million circulate publicly. Seems totally fair.
Democrats aren’t amused. One lawmaker introduced a bill to block officials from issuing memecoins. Ethics experts are crying foul over conflicts of interest. Meanwhile, the SEC shrugs, saying memecoins aren’t securities.
Looking ahead, the token faces resistance at $13.50. A breakthrough could target $16-$18, while rejection might send it tumbling back to $9.60.
Analysis has shown that a staggering 813,294 wallets have already lost over $2 billion trading this controversial coin.
And don’t forget those 40 million tokens releasing on April 18. That’ll be fun.
Bottom line? The TRUMP token’s fate seems tied to one thing: Trump himself. Sunday’s post proved it.
