Memecoins
TRUMP memecoin rises 20% as Donald Trump publicly embraces cryptocurrencies
- The TRUMP token has seen a huge surge in interest, with prices up 20% in the last 24 hours.
- Trump’s comments about cryptocurrencies and high social volume have played a role in its growth.
The meme coin sector has been one of the most profitable sectors for holders in the recent cryptocurrency bull run.
Meme coins related to the 2024 US presidential election, such as TRUMP and BODEN, have attracted a lot of attention in recent months.
TRUMP sees green
As of this writing, TRUMP’s price was $10.16, reflecting a 20.75% increase over the past 24 hours. However, this price increase was not something that happened completely suddenly.
Since May 9, the price of TRUMP has been observed to have recovered. During this period, TRUMP price showed multiple higher highs and lows, indicating a bullish trend.
The recent price increase has further cemented the bullish trend shown by TRUMP.
The RSI (Relative Strength Index) has also risen significantly in recent days, indicating greater bullish momentum.
However, if the RSI continues to rise, TRUMP could reach overbought territory, which can mean that perhaps there will be a slight correction ahead for the meme coin.
Source: Commercial View
Positive comments
One of the reasons for the recent increase in the price of the meme coin is said to be comments made by former president and leading 2024 Republican candidate Donald Trump, who expressed his support for the cryptocurrency to date in a post on Truth Social.
This post came shortly before his scheduled appearance at the Libertarian National Convention.
Trump highlighted his positive attitude and open-minded approach towards cryptocurrency companies and the entire growing industry, saying that the United States must take the lead in this field.
Due to Trump’s comments, social media activity around the memecoin has skyrocketed.
Analysis of Santiment data by AMBCrypto revealed that social volume around the token has grown significantly in recent days.
Along with that, the weighted sentiment around the token has also grown, implying that the number of positive comments has outnumbered the negative ones as of this writing.
The rise in popularity of social media may help TRUMP’s price movement in the short term, however election results may introduce volatility into prices.
Source: Santimento