- Trump meme coin experiences a sharp 70% decline from its peak, dropping below $20 after a social media post by Donald Trump.
- Trading volume surges 65% to $3.4 billion as traders liquidate positions, with derivatives data showing significant long liquidations.
- Market analysts suggest a potential rebound as the token forms a falling wedge pattern, hinting at a possible bullish reversal.
The Solana-based Trump meme coin experienced heavy market pressure which caused its price to decline by more than 13% during the previous day. The price of the token dropped below $20 as it attempted a minor rally. The token lost more than 33% during the previous week as it now maintains a price level that represents 70% below its all-time high of $75.
Massive Sell-Off and Rising Liquidations
The declining investor belief in the meme coin triggered an intensified level of market activity. Trading volume increased by 65% throughout the past day to reach over $3.4 billion because traders rapidly sell their investments. Open interest volume dropped by 13% to $720 million while Coinglass data shows rising trades resulting in liquidations according to their records. The market experienced over $15 million worth of liquidations and lost more than $11 million from long-position traders.
Despite the massive price reduction, marketplace analysts believe investors now have an opportunity to purchase because of the situation. The market strategist Captain Faibik identified a falling wedge pattern as a signal for bullish reversal momentum. He suggested that the token could witness a strong bounce in the near term.
Another analyst, Edward Morra, noted that the TRUMP token had found support at the $20 mark. He disclosed that he had taken a long position at an average price of $21.5, expecting a recovery above $25 before further continuation.
Trump’s Social Media Post Sparks Controversy
Donald Trump used his Truth Social platform to support the token named after him while the value of the token continued to decrease. Through his social media post, Trump stated his love for the token and urged users to invest in it. The social media statement made by Donald Trump has received strong criticism from industry experts such as SkyBridge Capital founder Anthony Scaramucci.
Scaramucci criticized the post by explaining that the coin promotion effort resulted in swift devaluation. He remarked that the continued fall indicated the market had lost confidence in the token’s stability.
Following the downturn, the Trump meme coin has slipped to the fourth spot in the meme coin rankings, losing its position to the PEPE Coin. The broader cryptocurrency market has also been experiencing a downtrend, with economic factors such as new tariffs further pressuring investor sentiment.
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