- $TRUMP token skyrockets with a $7B market cap in hours, driven by massive trading and bullish momentum.
- Futures Open Interest and trading volumes soar, reflecting surging speculation and heightened investor activity.
- Funding rates shift positive mid-January, signaling sustained demand and bullish sentiment for $TRUMP Futures.
The TRUMP meme token ($TRUMP), launched by President-elect Donald Trump, skyrocketed to a $7 billion market cap within two hours. The announcement, first made on Truth Social, directed users to GetTrumpMemes, the project’s official website. It was later shared on X, amplifying the token’s visibility. Following the announcement, $TRUMP’s value rose over 300% in just three minutes, with trading volumes surpassing $1 billion, according to GeckoTerminal.
Explosive Market Performance
TRUMP’s price, tracked in the Open Interest (OI)-Weighted Funding Rate graph, revealed upward momentum. By mid-January, it had risen beyond $3.50 from $1.50 in mid-December. During this, funding rates showed consistent oscillations between bullish and bearish bias. By Jan 10, the bias began to shift positive, indicating demand for longs. Further, the slopes kept rising accordingly with the token’s large price appreciation.
Source: Coinglass
Besides the price surge, TRUMP Futures Open Interest displayed a clear growth pattern. Open Interest remained stable in December but increased notably toward the end of the month. This trend continued into January, showcasing increased market participation and trading activity. By January 18, the token price neared $3.83, signaling strong investor interest.
Increasing Trading Volume and Bullish Sentiment
TRUMP Futures trade volume spiked, particularly after January 1. The darker blue shading in the volume panel highlighted this surge. Notably, this increase coincided with growing Open Interest and sustained positive funding rates. Additionally, trade counts and market activity intensified, reflecting rising speculation and investment in the token.
Moreover, the funding rate analysis provided key insights into market sentiment. Negative funding rates, seen on January 1 and January 5, indicated bearish pressure. However, the trend reversed by mid-January, with consistently positive rates suggesting bullish momentum. This shift underscored increased confidence in TRUMP Futures, fueled by sustained buying interest.
The post $TRUMP Token Surges 300% Amid Soaring Interest and Positive Market Sentiment appeared first on Cryptonewsland.
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