TRUMP, the memecoin launched by US President Donald Trump, noticed a pointy worth bounce after the President promoted it on his Reality Social platform.
In a March 23 put up, Trump praised the token as “SO COOL” and “The Best of all of them.” This marked his first public endorsement of the token since January and instantly triggered renewed curiosity throughout the crypto market.
Shortly after the put up, the token surged from $10.93 to $12.25—a rise of round 12%—earlier than stabilizing close to $11.91.
In the course of the previous day, this worth efficiency momentarily earned the digital asset a spot on CryptoSlate’s high 10 gainers listing.
Derivatives surge, however whales take successful.
In the meantime, the thrill prolonged far past spot markets. Coinglass knowledge reveals that TRUMP’s derivatives buying and selling quantity skyrocketed 373.30% to hit $2.61 billion, marking a multi-week excessive.
On the identical time, open curiosity in TRUMP futures rose 25.25%, reaching $370.68 million. This dramatic spike highlighted the renewed hypothesis surrounding the token.
Whereas some merchants tried to journey the wave, not everybody got here out forward.
On-chain analytics platform Lookonchain reported {that a} high-profile whale, who beforehand earned round $108 million from early TRUMP investments, misplaced $207,000 in only one hour.
After spending $5 million USDC to purchase into the rally, the dealer bought the tokens shortly after Trump’s put up, locking in a six-figure loss.
This misstep starkly contrasts the whale’s earlier success—he had invested $1.09 million USDC to amass 5.97 million TRUMP tokens, which later netted him one of the worthwhile memecoin trades in latest reminiscence.
Memecoin curiosity wanes
Trump’s promotion of the memecoin drew various reactions from the crypto group members who identified that curiosity within the sector was waning.
Crypto analyst Nishant Bhardwaj stated:
“Donald Trump, arguably essentially the most influential determine on the planet, simply posted about $TRUMP, and the meme token nonetheless couldn’t break its 4H resistance. If that doesn’t present how weak this market is, I don’t know what does.”
The TRUMP token launch in January sparked a wave of comparable launches tied to public figures and governments, lots of which had drawn backlash for exploiting hype and missing transparency.
Consequently, public curiosity in memecoins has considerably declined, with traders more and more turning to extra stable crypto initiatives like Bitcoin.
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