TRUMP has jumped by 8% in the past 24 hours, with its push to $11.90 coming after Donald Trump himself endorsed the meme token yesterday.
The US President posted in support of his own meme token on his own social network, TruthSocial, declaring that he ‘loves’ $TRUMP, and that the token is the “Greatest of them all.”
The market responded to this by sending TRUMP’s price back up to $12.25, although it has since fallen by 2.5%.
And while the token is up by 5% in a fortnight, it remains down by 27% in the past month, with the token arguably likelier to slide further in the coming days.
Donald Trump Celebrates His Own Coin – What Next?
Mirroring how Elon Musk often boosted Dogecoin by posting memes about it, Trump shared a very brief post on TruthSocial in praise of Official Trump, which he described as “so cool.”
Almost needless to say, commentators on the opposite side of the political spectrum to Donald Trump have been quick to criticize the President for the post, with some accusing Trump of corruption.
Despite their disapproval, TRUMP remains up since this act of self-promotion, with the meme coin – the 53rd-biggest token in the market – outperforming the market average by a wide margin today.
As it chart shows today, it’s regaining momentum after a lull last week, with its RSI (purple) climbing from 40 yesterday to 60 today.
We also see its 30-period moving average (orange) beginning to rise again towards the 200-period average (blue), signalling that the token may be at the beginning of a more bullish period.
The past day has also seen the coin attract some considerable volume, which has risen from only $300 million a day ago to $1.5 billion today.
Whales have also been stocking up on the token, although some have actually made a loss, including one who bought – and then sold – just after Trump posted yesterday.
This highlights how risky TRUMP is as an investment, but the fact that Donald Trump has promoted it would suggest that he may do so again.
And what this means is that the token could witness additional pumps in the near future, meaning that it may be worth holding if you can buy it cheaply.
It’s currently 84% down from its ATH of $73.43, and doesn’t seem like it will get close to this price again without a substantial improvement in the wider macroeconomic climate.
New High-Potential Altcoins with Solid Fundamentals
Given that TRUMP seems likely a nakedly self-serving meme tokens, many traders may prefer to invest in something with a little more substance to it.
Of course, picking out a token from the hundreds of new coins listed every day can be a tricky, if not impossible task, although there are ways of finding diamonds in the rough.
One way is to look for successful and popular presales, which can be an indicator that the corresponding coin is going to do well once it lists.
And one token with a successful sale right now is Bitcoin Bull (BTCBULL), an ERC-20 token that has tied its tokenomics to Bitcoin’s (BTC) price growth.
It has already raised over $4 million in its sale, a sign that investors are growing increasingly confident in its future.
What makes BTCBULL interesting is its deflationary tokenomics, which will help push up its price over time.
With a hard cap of 21 billion BTCBULL, a portion of its supply will be burned every time Bitcoin (BTC) reaches a new price milestone – starting at $125,000, with additional burns at every $25,000 increase thereafter.
Beyond this, BTCBULL will reward holders with actual Bitcoin (BTC) airdrops at each $50,000 milestone (e.g. $150,000, $200,000, $250,000).
Such mechanics are likely to make BTCBULL highly sought after as a token, and again we could end up seeing its price squeezed upwards in the longer term.
Investors can join its sale by going to the Bitcoin Bull website, where 1 BTCBULL is currently selling at $0.002425.
This price will rise again tomorrow, so newcomers should act sooner rather than later, so that they lock in the biggest possible gains.
The post Donald Trump Endorses His Own Coin – Is Another Run Incoming? appeared first on Cryptonews.
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