Remember the TRUMP meme coin that soared to over $5 billion market value immediately after President Donald Trump took his oath? Well, it’s currently on a downtrend. It’s trading slightly above $17, down nearly 18% from its previous day’s close.
The token’s latest price action came when President Trump took matters into his own hands and shared a post about the token on Truth Social.
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On its weekly chart, TRUMP is down 35% and 70% from its all-time high, suggesting a bleak outlook for its holders and investors.
It’s Going Down For TRUMP Holders
The broader crypto industry is in the red right now, led by Bitcoin, which has dropped to $95k. Other cryptocurrencies are suffering in the current market, but the $TRUMP token gets special mention for its unique circumstances.
It was reported that the token’s crash happened right after the President shared a post on his Truth Social account. Also, his administration has been fending off criticisms after announcing the new tariff policy.
Immediately after the post went public, TRUMP’s price dipped by more than 13%, dropping below $20. The token enjoyed a huge run two weeks ago, hitting an all-time high of $73.43. Also, data suggests that trading volume for the asset has increased by 65%, valued at $3.4 billion, as holders move to sell.
TRUMP Is Highly Volatile, Holders Contemplate Next Move
After hitting a low of $18.75, the token made a few gains to trade above $21. However, it is back at the $17 level, suggesting that it’s currently highly volatile and testing the patience of most traders and holders.
According to Coinglass’ derivatives data, TRUMP’s open interest has decreased by over 13% to $720 million, while 24-hour liquidations have increased to over $15 million, with long liquidations totaling $11 million.
For many experienced traders, the token’s brief dip below $20 is a buying opportunity. Captain Faibik, a popular crypto analyst, has joined the conversations suggesting to “buy the dip.” According to Faibik, the token’s falling wedge is still active, and he expects a strong recovery from it.
Buying the $TRUMP dip!
Falling wedge is still in play, expecting a strong bounce back..#Crypto #TRUMP #TRUMPUSDT pic.twitter.com/s1juQeskgY
— Captain Faibik 🐺 (@CryptoFaibik) February 2, 2025
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A Trump Pump And A Possible Bounce Back?
In crypto, the falling wedge often indicates a potential price breakout. Many $TRUMP holders are using this chart to argue that a surge for this token is happening soon.
Crypto expert Edward Morra also shared his thoughts, saying that the token has recovered from the $20 level and predicted it’s now on the way up. He admitted that $TRUMP went deeper than expected, but he shared that he bought the dip and is now looking at its bullish potential.
Over at Truth Social, President Trump shared a post in support of his token, an obvious ploy on marketing. However, many observers criticized this move from the president, saying that the “pump” may soon lead to a “dump”.
Featured image from Pexels, chart from TradingView