In an unusual move, former U.S. President Donald Trump endorsed his own meme cryptocurrency, TRUMP Coin, sparking a brief surge in its price.
In a Truth Social post on Sunday, Trump enthusiastically described the coin as “SO COOL” and “The Greatest of them all.”
The endorsement sent the price of $TRUMP soaring by 10%, rising from about $10.90 to $12, as per data from CoinMarketCap. The post also led to a significant uptick in trading volume, with activity hitting its highest levels since early March, according to GeckoTerminal data.
However, the excitement was short-lived. The price quickly retreated to $11.65, marking a 7.77% gain in the past 24 hours, but still down 28.26% compared to the previous month. Despite this momentary spike, TRUMP Coin has struggled to maintain consistent growth, facing steep volatility since its initial launch.
TRUMP Coin’s Journey: From Meteoric Rise to Steep Decline
TRUMP Coin was launched ahead of Trump’s inauguration and is built on the Solana blockchain, with a total supply of 1 billion tokens. Out of this, 200 million were initially distributed to the public, while the remaining 800 million tokens are controlled by CIC Digital LLC, a company affiliated with Trump’s business empire, and Fight Fight Fight LLC.
When TRUMP Coin first hit the market, its price quickly soared from under $10 to $75, with the coin’s market capitalization briefly surpassing $15 billion and trading volumes reaching an impressive $29 billion.
However, the excitement didn’t last. After the introduction of the $MELANIA token in January 2024, TRUMP Coin experienced a sharp decline, dropping nearly 50% to settle between $30 and $40. The TRUMP token is marketed as more of a “support expression” rather than a conventional investment, with the coin’s branding featuring a cartoon Trump raising his fist—a reference to the July 2024 assassination attempt.
Could TRUMP Coin Bounce Back?
Despite its recent struggles, there may still be hope for TRUMP Coin’s revival. Recent positive market sentiment, particularly after the Federal Reserve’s latest decision to keep interest rates unchanged, could provide some relief to the financial markets. This move has prompted speculation that liquidity may flow into riskier assets like cryptocurrencies, potentially giving TRUMP Coin a chance for a comeback.
Moreover, the TRUMP token recently broke out of a two-week period of consolidation, signaling a potential for upward momentum. If it can maintain support around the $10 mark, it may be able to push toward the $20 level, a key resistance point.
While returning to its previous all-time highs remains a significant challenge, favorable market conditions and the coin’s strong community backing could create the foundation for a sustained recovery.
A Wild Ride Ahead for TRUMP Coin
As of now, TRUMP Coin’s journey remains uncertain. Though Trump’s personal endorsement and broader market improvements could fuel a short-term rally, the token’s long-term viability is still in question. Whether or not it will be able to reclaim its earlier highs depends on the broader cryptocurrency market dynamics, investor sentiment, and ongoing developments within the meme coin space.
For now, TRUMP Coin’s supporters remain hopeful, but only time will tell whether the coin can break free from its volatile past and establish itself as a lasting digital asset.