Altcoin
TRUMP Price Breakout & ETF Set $54 Target, Donald Trump’s Comments Stir Volatility
The Official Trump meme coin has bounced back strongly after forming a bottom at $32 with the TRUMP price up 20% at press time moving past $41. This surge comes amid developments of fresh TRUMP ETF filings with the US SEC on Tuesday. Interestingly, Donald Trump has commented on his meme coin frenzy, which led to strong volatility for the Solana meme coin.
TRUMP Price Breakout Sets $54 Target
Crypto analyst Ali Martinez reported that TRUMP token has successfully broken out of a falling wedge pattern, a bullish technical indicator. According to Martinez, the token’s breakout positions it for a potential surge, with a TRUMP price target of $54.
According to Coinglass data, the TRUMP futures open interest is up 14%, shooting past $1.0 billion, indicating bullish sentiment among traders. Also, the 24-hour liquidations have shot to $24 million, of which $14 million is in short liquidations.
Additionally, blockchain analytics firm Santiment reported that TRUMP is still the top trending crypto coin discussed among investors, following its contentious listing on Coinbase. In addition to its market activity, TRUMP has drawn significant attention due to its airdrop events. A recent airdrop distributed $1 million worth of TRUMP tokens, fueling heightened interest and engagement from the crypto community.
TRUMP Price Surge Amid ETF Filings
Another reason behind the TRUMP price surge today is the recent ETF filings for the newly launched meme coin. On Tuesday, REX Financial and Osprey Funds submitted their filings to the U.S. Securities and Exchange Commission (SEC) for a potential TRUMP ETF.
Interestingly, this filing comes just three days after the launch of the Official Trump (TRUMP) meme coin. It also outlines REX-Osprey’s plans to introduce a range of crypto-focused funds. In addition to TRUMP ETF, Rex also submitted ETF filings for other meme coins like Dogecoin and BONK.
Donald Trump Comments Stir Volatility
When asked about the TRUMP meme coin launch during yesterday’s press briefing to reports, the President said: “I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.”
During a press briefing, a reporter noted that the TRUMP price surge generated several billion dollars in the past few days. In response, the president quipped, “Several billion? That’s peanuts for these guys,” gesturing toward SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison, who were present in the room.
Meanwhile, Donald Trump’s comments instantly triggered sharp volatility in the meme coin. Soon after the US President made his comments at 6:00 PM ET, three minutes later, the TRUMP coin experienced a sharp 33% drop in value.
Buy-The-Dip Strategy Fuels Discussions
Notably, a wallet seized the opportunity, purchasing $5.09 million worth of the token at the exact bottom of the dip. This transaction marks one of the largest single purchases since the coin’s launch, reported The Kobeissi Letter.
The market quickly rebounded, and within 14 minutes, the trader’s investment had already gained $2.4 million in value. The timing of the purchase has raised doubts about whether it’s an insider job.
As Donald Trump takes charge at the White House, Wall Street heavyweights anticipate that Trump’s crypto policies will simplify investment pathways, creating opportunities for major players like JPMorgan and BlackRock Inc.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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