- The TRUMP token saw a massive surge in interest, with prices soaring 20% in the last 24 hours.
- Trump’s comments around crypto and high social volume played a role in its growth.
As a crypto investor with experience in the meme coin sector, I’ve seen firsthand how these tokens can suddenly surge in value due to various factors. The recent price surge of TRUMP, which saw a 20.75% increase in just 24 hours, is a perfect example of this volatility.
In the current cryptocurrency market surge, holding meme coins has proven to be highly profitable for investors.
As a researcher studying meme coins, I’ve noticed a surge of interest in digital currencies with connections to the 2024 U.S. presidential elections. Coins like TRUMP and BODEN have been particularly noteworthy in recent months.
TRUMP sees green
When I penned down these words, TRUMP’s value stood at $10.16, representing a significant increase of 20.75% within the preceding 24 hours. Yet, this price hike wasn’t an unexpected event outright.
As a researcher studying the cryptocurrency market since the 9th of May, I’ve noticed an uptrend in the price of TRUMP. This trend was evident through the succession of higher highs and higher lows that TRUMP displayed during this time frame, suggesting a bullish market condition.
The recent uptick in price further cemented the bullish trend being shown by TRUMP.
“The RSI has significantly increased in recent days, suggesting a strong uptrend or buying power in the market.”
As an analyst, I would observe that if Relative Strength Index (RSI) for TRUMP continues to increase, it might eventually surpass the overbought threshold. Reaching this level could potentially signal a minor correction for the meme coin.
Positive comments
A significant factor contributing to the surge in value of the meme coin lately is the endorsement given by Donald Trump, a former president and prominent 2024 Republican nominee, through a post on his social media platform Truth Social, where he expressed his ongoing support for cryptocurrencies.
This post came just before his scheduled appearance at the Libertarian National Convention.
Trump highlighted his optimistic perspective and receptive attitude toward cryptocurrency businesses and the rapidly growing sector, insisting that America should spearhead advancements in this domain.
Due to the comments made by Trump, social media activity around the memecoin skyrocketed.
Based on the findings from AMBCrypto’s examination of Santiment’s data, there has been a noticeable increase in social buzz surrounding the token recently.
Additionally, the sentiment score associated with the specific term became more significant, indicating that a larger volume of favorable remarks overshadowed the unfavorable ones during the point of composition.
Social media buzz surrounding Trump can influence his stock prices temporarily. However, the unpredictability of election outcomes may cause significant price fluctuations.
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2024-05-26 14:15