The official Donald Trump memecoin, TRUMP, had a great start, with a bullish price rally. However, the downfall hit harder, as the token lost 80% of its price from the ATH. Despite the US President’s attempts to influence its price, the token continued to decline, and investors feared a further collapse. Interestingly, it gained bullish momentum with $307M token unlocks, price surging more than 10% today.
Why is TRUMP Memecoin Price Up Despite $307M Unlocks?
TRUMP coin, one of the popular meme coins, is in a continued downtrend, as it has lost nearly 28% of its price in the month. The trajectory of the Donald Trump memecoin remained highly bearish until today, as the price surged 10% after the $307M token unlocks (nearly 20% of the total supply.
Interestingly, such unlocks are bearish factors, as they increase the liquidity, diluting the price, but TRUMP’s unlock breakdown saved the day. Out of $307M tokens, 40M tokens will enter the circulation directly, and $4M unlocks will happen daily, diluting the impact.
Moreover, the investors’ sentiments worked in favor, with Trump influencing the Fed’s rate cut decision, potential relief in the Trump trade war, and other factors. Although the TRUMP coin has entered an uptrend, experts believe it is short-term, as the bears’ dominance is still high.
What’s Next For TRUMP Memecoin Price?
After hitting a weekly low of $7.5, the TRUMP coin price surged to a high of $8.5 today. With that, it is now trading at $8.20 with a high trading volume of $492.17 million and a market capitalization of $1.64 billion.
CryptoCove, a crypto analyst, believes this is just the beginning as the token TRUMP possesses the ability to surge another 12%. According to their analysis, TRUMP could hit $8.7 due to a bullish falling wedge formation. More importantly, the technical factors like volume, momentum, and others indicate a further surge.
Interestingly, some crypto community members also believe that the TRUMP memecoin price could reach the $12 mark, but a bullish momentum is important. The unpredictability is also high as there’s bears’ dominance due to the Trump trade war and other macroeconomic events.
Additionally, if it fails to hold the crucial support level, its price could crash to $2.5 or lower, according to many Official TRUMP price predictions.
The post TRUMP Memecoin Price Soars 10% on $300M Token Unlocks, What’s Next? appeared first on CoinGape.
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