The TRUMP meme token has fallen below $20. Is it still a good time to buy TRUMP tokens now?
TRUMP token is a cryptocurrency with the newly elected US President Donald Trump as the theme. The emergence of TRUMP token is related to Trump himself and his supporters’ interest in cryptocurrencies. During Trump’s first term as president, there have been some cryptocurrency projects based on him, but most of them are small in scale and have not attracted widespread attention.
TRUMP Token and MELANIA Token
At 10:00 am Beijing time on January 18th, Trump announced the launch of his official personal Meme coin, TRUMP token, through his social media platform Truth Social. Even during the weekend, this news still stimulated the entire cryptocurrency community. TRUMP’s market value soared to about $2 billion in less than 30 minutes, and eventually broke through the $30 billion mark that evening. On January 19th, the TRUMP token experienced a major outbreak, with the highest price reaching $78 on the Gate.io platform, and the market value reaching $78 billion, briefly entering the top 10 in the market.
Shortly after that, on the early morning of January 20th, Trump’s wife Melania also announced the launch of her personal official Meme Coin MELANIA, attracting a large amount of market capital. Within a few hours, MELANIA’s market value reached a peak of $13 billion, with a trading volume of $18.2 billion.
And at 1 a.m. on January 21, after Trump was officially sworn in as President of the United States, TRUMP plummeted nearly 50% within the day, approaching the $30 mark at one point. As of the time of writing, TRUMP meme coin is priced at $17.62 on the Gate.io platform, a drop of nearly 80% from its historical high of $78.1. The current circulating supply of TRUMP is only 20%, with a market cap of $3.52 billion and a total market cap of $17.62 billion.
TRUMP Token Market Analysis
Trading data
- Current price: 17.636 USDT
- 24h Change: 0.88%
- 24-hour highest price: 18.464 USDT
- 24-hour lowest price: 16.32 USDT
- 24h Trading Volume: 5,344,606.4 TRUMP
- 24-hour net capital outflow: -6,089,209 USDT
- Support level: 16.773 USDT
- Resistance level: 18.465 USDT
- Market sentiment index: 54 (Neutral)
Trading Strategy Advice
Strategy 1: Short-Term Long Strategy
- Direction: Bullish
- Entry Price: 17.650 USDT (slightly higher than the current price)
- Stop-loss level: 16.750 USDT (below the support level)
- Target price: 18.400 USDT (near resistance level)
Reasons and Features: The current market sentiment is neutral, and the price is close to the support level, indicating a potential rebound in the short term. The outflow of funds is slightly higher than the inflow, but overall trading volume is large, indicating market activity. The target price is near the resistance level, suitable for short-term trading.
Strategy 2: Short-term bearish strategy
- Direction: Bearish
- Entry price: 18.400 USDT (near resistance level)
- Stop Loss level: 18.600 USDT (above the resistance level)
- Target price: 17,000 USDT (lower than the current price)
Reason and characteristics: The price is close to the resistance level and there may be a pullback. The outflow of funds is relatively large, indicating that there may be selling pressure in the market. The target price is set at 17,000 USDT, considering market volatility, which is suitable for short-term trading.
Future Outlook
The launch and market performance of TRUMP token have attracted widespread attention, not only because it is closely associated with Trump’s personal brand and political image, but also because it represents the emerging trend of ‘politics + cryptocurrency’. TRUMP token is not just a cryptocurrency, but also a part of the Trump brand, representing a specific political and cultural symbol.
As a type of memes, the political symbols and influence of figures behind the TRUMP token may become its long-term support. However, the future of the TRUMP token highly depends on the continuous attention and influence of Trump and his supporters on cryptocurrency. From the current market reaction, the TRUMP token may continue to face drastic fluctuations. In the short term, investors should operate cautiously and pay attention to market sentiment and capital flow trends. In the long run, the TRUMP token may rely on Trump’s political movements and the changing attitudes of his supporters towards cryptocurrency.
