Despite Trump’s Promotion, TRUMP Token Continues to Plummet

The official TRUMP token, developed on the Solana (SOL) blockchain, has faced a severe downturn following a post by former U.S. President Donald Trump on Truth Social. The token experienced a significant sell-off, leading to a sharp decline in its value.

According to market data, the price of the TRUMP token dropped by 13% in the past 24 hours, falling below the $20 mark. On the weekly chart, the token has plummeted by over 33%, marking a 70% decline from its all-time high of $75. This dramatic fall has raised concerns among investors and analysts alike.

TRUMP Token Continues to Plummet

Coinciding with the price drop, the token’s daily trading volume surged by 65%, reaching over $3.4 billion. Data from Coinglass indicates that the token’s open interest has decreased by more than 13%, settling at $720 million. Additionally, the liquidation volume of positions in the past 24 hours exceeded $15 million, with $11 million attributed to long positions.

After hitting a daily low of $18.75, the token’s price partially recovered and is now trading around the $20 mark. Some market analysts view this decline as a buying opportunity. Captain Faibik, a prominent analyst, commented on the platform X, stating:

I am buying the TRUMP token during this dip! The descending wedge pattern is still valid, and I expect a strong bounce.

Edward Morra, another analyst, emphasized that the meme coin’s price has bounced back from the $20 support level, and he has entered a long position in this range.

In an attempt to bolster the token’s price, Donald Trump took to his social media platform to promote the TRUMP token. He posted:

I LOVE TRUMP!!

and urged his followers to return to buying the meme coin.

However, some figures in the crypto industry have criticized Trump’s move. Anthony Scaramucci, founder of SkyBridge Capital, wrote on X:

President Trump last night posted on Truth Social to promote the TRUMP token. The result was an acceleration of the sell-off, and now it’s down 70% from its peak. In my opinion, the game is over.

The recent downturn has caused the TRUMP token to lose its third-place position among meme coins, dropping to fourth place. The broader crypto market is also under pressure today, as Trump’s new trade tariffs have been implemented, potentially leading to further market declines.

Market Reaction and Future Outlook

The TRUMP token’s dramatic fall has sparked a mixed reaction in the market. While some investors see the current price as a potential entry point, others are more cautious, given the token’s volatile nature and the broader market conditions.

Analysts are divided on the token’s future. Some believe that the sell-off might present a short-term buying opportunity, while others warn that the token could face further declines if the market sentiment remains negative.

Trump’s attempt to boost the token’s value through social media promotion has drawn both attention and criticism. The incident highlights the influence of high-profile figures in the crypto market, but also underscores the risks associated with investing in meme coins.

Conclusion

The TRUMP token’s recent performance serves as a cautionary tale for investors in the volatile world of cryptocurrencies. While some may view the current downturn as a chance to buy, others are more skeptical, given the token’s significant drop from its peak. As the market continues to react to Trump’s actions and broader economic factors, the future of the TRUMP token remains uncertain.

Despite Trump’s Promotion, TRUMP Token Continues to Plummet

TRUMP Token Continues to Plummet

Market Reaction and Future Outlook

Conclusion

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