Memecoins
TRUMP memecoin surges 20% as Donald Trump publicly embraces crypto
- The TRUMP token has seen a massive surge in interest, with prices soaring 20% in the last 24 hours.
- Trump’s comments on crypto and high social volume played a role in its growth.
The meme coin sector has been one of the most profitable sectors for holders during the recent crypto bull run.
Meme coins related to the 2024 US presidential elections, such as TRUMP and BODEN, have attracted considerable attention in recent months.
Trump sees green
At the time of writing, TRUMP’s price was $10.16, reflecting a 20.75% rise in the last 24 hours. However, this price spike is not something completely unexpected.
Since May 9, we have observed an increase in the price of TRUMP. During this period, TRUMP price exhibited several higher highs and higher lows, indicating an uptrend.
The recent price rise has further strengthened the upward trend displayed by TRUMP.
The RSI (Relative Strength Index) has also increased noticeably over the past few days, indicating increased bullish momentum.
However, if the RSI continues to grow, TRUMP could reach overbought territory, which could mean that there could be a slight correction ahead for the meme coin.
Source: Commercial View
Positive feedback
One of the reasons for the meme coin’s recent price rise is believed to be comments made by former president and leading 2024 Republican candidate Donald Trump, who expressed his support for the cryptocurrency to date in an article on Truth Social.
This message came just before his scheduled appearance at the Libertarian National Convention.
Trump emphasized his positive attitude and open approach towards cryptocurrency companies and the entire burgeoning industry, saying the United States must take the lead in this area.
Due to Trump’s comments, social media activity around memecoin skyrocketed.
AMBCrypto’s analysis of Santiment data revealed that social volume around the token has increased significantly over the past few days.
Along with this, the weighted sentiment around the token has also increased, implying that the number of positive comments was higher than the number of negative comments at the time of writing.
The growing popularity of social media may favor TRUMP’s price action in the short term, but election results may introduce volatility into prices.
Source: Santiment