The TRUMP memecoin, endorsed by US President Donald Trump on March 23, saw a significant price surge after his promotion on Truth Social.
He described the token as “SO COOL” and “The Greatest of them all,” marking his first endorsement since January, which renewed enthusiasm in the crypto market.
Shortly after the post at 10:33 AM ET, the price of the TRUMP meme coin surged to $12.17, driven by significant market excitement. Trading volume for derivatives skyrocketed by 373.30%, reaching $2.61 billion, while open interest in TRUMP futures increased by 25.25% to $370.68 million. Additionally, trading volume for the SOL-based meme coin hit its highest since early March due to traders reacting to Trump’s promotion of the $TRUMP token. However, not all investors benefited; a notable whale, who initially made about $108 million from early TRUMP investments, reportedly lost $207,000 in just one hour.
Trump’s endorsement did not restore confidence in the crypto sector, with some community members noting a decline in interest. Analyst Nishant Bhardwaj highlighted that despite Trump’s influence and his post about the $TRUMP meme token, it failed to surpass its 4-hour resistance, indicating the market’s weakness.
In February, House Democrats, led by Rep. Sam Liccardo, introduced the MEME Act to prevent federal officials and their families from profiting from meme coins. Liccardo expressed concerns that the issuance of meme coins by the Trumps exploits the public for personal gain and raises issues of insider trading and foreign influence within the Executive Branch.
Notably, Binance announced the official listing of the TRUMP token on January 19, 2025, with trading pairs TRUMP/USDC and TRUMP/USDT. Deposits will begin two hours before trading starts, and withdrawals will open on January 20, 2025. The token has a high volatility and risk tag, and users must complete a risk-awareness quiz every 90 days to continue trading.
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