The Official Trump coin price is moving up, surging nearly 50% amid the memecoin’s dinner buzz. Ever since Donald Trump launched his cryptocurrency, investors’ reactions around it have been quite hot and cold, with some anticipating higher highs, whereas others criticize its volatile performance. However, as the Trump event date gets near, bullish momentum is building. Let’s discuss.
Why is the Trump Coin Price Soaring?
Trump memecoin gained immense attention from investors during launch, gaining a massive rally to its ATH of $75.35. However, once the hype faded, the trending meme coin struggled and crashed. Until days ago, the Trump coin price was on the lower side, even below the $10 mark. However, Donald Trump’s dinner invite fueled investors’ interest and led to an uptrend.
On May 5, Donald Trump announced the hosting of a TRUMP memecoin dinner for the top token holders. As there’s a limit to picking the top 220 holders, the investors are jumping on the buying opportunity, driving up its price.
As a result, it currently trades at $14.28 with a nearly 50% surge in the last 4 days and 80% over the month. The investors’ demand is still persistent as the Trump dinner is set for May 22. Besides, the broader crypto market recovery is aiding in the surge.
Today, Ethereum price surged above $2.3k and Bitcoin surpassed $104k for a brief moment, signaling a major uptrend.
Trump Coin Trades Fuel Liquidity Demand and Price
CoinGlass derivative data reveals that the traders are bullish on the Trump meme coin price surge, as there are 2x long positions than short, especially on Binance and other popular crypto exchanges.
Its high trading volume of $2.36B and growing open interests hint at its high demand. As a result, the TRUMP memecoin team has moved 3.5M tokens to exchanges to support liquidity.
According to their official X post, they moved 3.5M TRUMP to exchanges at 1:30 am UTC to ensure the proper availability of the token for buying and selling. Notably, they have not sold any tokens. Instead, they have used their liquidity wallet holdings.
Another significant step taken is the relocking of recently unlocked tokens. This decision is made considering the ranking of the TRUMP holders before the dinner. Experts anticipate a significant uptrend for the token amid this memecoin dinner buzz.
If the trend remained the same, the Official TRUMP price prediction hints that it would hit $45 or higher.
The post Official Trump Coin Price Surge 50% Amid Memecoin Dinner Buzz appeared first on CoinGape.
