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TRUMP Token Jumps 16% After Whale Buys $5.5M Worth
Key Notes
The United States president Donald Trump’s meme coin, Official Trump
TRUMP $12.85
24h volatility: 0.3%
Market cap: $2.57 B
Vol. 24h: $951.17 M
, has recorded a 16% price increase in the past 24 hours, currently trading near $14.19. Trading volume has also skyrocketed by around 150%, signaling renewed investor interest.
The broader meme coin market echoed this bullish momentum, with a 15% rise in total capitalization, now hovering around $65.69 billion. Alongside TRUMP, top meme tokens like DOGE
DOGE $0.18
24h volatility: 5.1%
Market cap: $27.07 B
Vol. 24h: $1.05 B
, SHIB
SHIB $0.000014
24h volatility: 2.3%
Market cap: $8.04 B
Vol. 24h: $173.43 M
, PEPE
PEPE $0.000009
24h volatility: 1.5%
Market cap: $3.71 B
Vol. 24h: $591.98 M
, and BONK
BONK $0.000019
24h volatility: 2.3%
Market cap: $1.46 B
Vol. 24h: $206.99 M
also posted double-digit gains.
TRUMP’s market capitalization has swelled by 42% over the last three days, reaching $2.85 billion at the time of writing.
The rally is potentially a result of heightened whale activity. Earlier on Friday, a whale purchased 390,435 TRUMP tokens for $5.53 million at $14.16, according to the data by LookOnChain.
Trump price outlook
On the 4-hour TRUMP price chart, the RSI is currently at 81.5, indicating that the meme coin is in overbought territory. While this suggests bullish enthusiasm, it also raises the risk of a correction as short-term traders may book profits ahead.
Bollinger Bands show that TRUMP is trading near the upper band, suggesting strong buying pressure. However, consistent price movement outside the band may point to a potential pullback.
If the price moves down to mid band (20-day SMA), traders could see support around $12.20, with a stronger floor at $10.80.
Meanwhile, the MACD line remains above the signal line with the increasing histogram bars, hinting growing strength in the uptrend. For now, key resistance lies near $15.50, a psychological barrier.
Scrutiny of trump’s crypto plans
While TRUMP token continues to be the talk of the crypto town, Democrats are intensifying scrutiny of Donald Trump’s involvement in cryptocurrency ventures, particularly the TRUMP meme coin, via a congressional action.
As per a CNBC report, the step, led by figures like Rep. Maxine Waters and Sen. Richard Blumenthal, includes disrupting legislative processes and initiating investigations.
Sen. Blumenthal has specifically labeled the TRUMP meme coin dinner contest, which offered access to Trump in exchange for token holdings, a “pay-for-play scheme,” and demanded financial records from Fight Fight Fight LLC. and World Liberty Financial.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.