Trump Memecoin Surges 20% as Donald Trump Publicly Endorses Cryptocurrency
Journalist
- Interest in the TRUMP token has increased massively; the price has increased by 20% in the last 24 hours.
- Trump’s comments on cryptocurrencies and his high social media volume have contributed to its growth.
The meme coin sector has been one of the most profitable sectors for holders in the recent crypto bull run.
Meme coins related to the 2024 US presidential election such as TRUMP and BODEN have attracted significant attention in recent months.
TRUMP sees green
At the time of writing, the price of TRUMP was $10.16, up 20.75% in the last 24 hours. However, this price increase did not come completely out of the blue.
A rally in the TRUMP price was observed since May 9. During this time, the TRUMP price showed several higher highs and higher lows, indicating an uptrend.
The recent price increase further solidified TRUMP’s uptrend.
The RSI (Relative Strength Index) has also risen significantly in the past few days, indicating increased bullish momentum.
However, if the RSI continues to rise, TRUMP could reach the overbought territory, which may mean that a slight correction may be in store for the meme coin.
Source: Trading View
Positive Comments
One reason for the meme coin’s recent price increase could be the comments made by former President and leading Republican candidate for 2024 Donald Trump, who expressed his past support for cryptocurrencies in a post on Truth Social.
This post appeared just before his scheduled appearance at the Libertarian National Convention.
Trump emphasized his positive attitude and open-minded approach towards cryptocurrency companies and the entire emerging industry, claiming that the United States needs to take the lead in the space.
Due to Trump’s comments, social media activity around the meme coin skyrocketed.
AskFX’s analysis of Santiment’s data found that the social volume around the token has increased significantly in the past few days.
At the same time, the weighted sentiment around the token has also increased, meaning that at the time of writing, the number of positive comments exceeded the negative ones.
The increasing popularity on social media may support TRUMP’s price movement in the short term, but the election results may cause volatility in prices.
Source: Santiment
