Imminent Fall for the TRUMP Memecoin ?
The official memecoin of Donald Trump, TRUMP Coin (TRUMP), is currently trading around $11.03 but remains trapped in an alarming short-term downtrend as the overall cryptocurrency market struggles to bounce back.
Over the past month, TRUMP Coin has consistently displayed lower highs and lower lows, indicating the increased risk of a convincing break below $10.
Macroeconomic uncertainties, primarily around the growing fear of the U.S. economy sliding into a recession soon, have heavily weighed on risk appetite in recent weeks.
In the past month, Bitcoin has dropped from nearly $100,000 to current levels around $82,000.
As for TRUMP Coin, things continue to go from bad to worse. It has now plummeted by 85% from its post-launch peak in January, around $76.
Furthermore, on-chain metrics suggest a collapse in interest for this flagship Solana memecoin. According to a Dune dashboard from gate_research, trading volumes have collapsed to a small percentage of the tens of billions of dollars daily volume observed after TRUMP’s initial launch.
With activity plummeting so drastically since the initial launch, it’s not surprising that the price of TRUMP has also sharply declined.
And with macroeconomic uncertainties risking further deterioration in the coming weeks and months, the risk of the memecoin losing more value is high.
TRUMP memecoin : Should You Buy Now ?
Assuming the current downtrend persists (a bold assumption indeed!), the price of TRUMP Coin could drop to around $6 by mid-April.
Should traders take advantage of this dip to buy? There are several factors to consider. Firstly, TRUMP appears to have been a classic “pump and dump.”
A rapid initial surge that seemed to benefit and enrich insiders, followed by a massive price collapse that left latecomers, of which there are hundreds of thousands, massively in the red.
It’s challenging for any cryptocurrency to recover from such a tumultuous start. TRUMP currently boasts over 650,000 holders, and it’s presumed that the vast majority of them are sitting on significant unrealized losses.
It’s also essential to note that 80% of the supply is still held by Trump and insiders, which will be sold off over the next three years. That’s a lot of inflation.
Therefore, traders considering buying TRUMP should be aware of the risk.
From a technical perspective, the token is still in a “falling wedge” with support below $9. The resistance zone lies between $13.5 and $17.7. If a breakout above $13.5 occurs, TRUMP could potentially see a significant increase. Up to $26 according to trader Javon Marks.
You can purchase the memecoin on Bitget in a few minutes. Here is a practical guide to buying $TRUMP :
- Register on Bitget : Visit Bitget’s official website and create an account with your email or phone number. Confirm via the code sent and activate 2FA to secure your access.
- Verify your identity (KYC) : Complete the KYC verification by providing an ID document and, if required, proof of address. This quick step unlocks all features.
- Add funds : In “Deposit,” fund your account with cryptos (USDT, BTC, etc.) or via fiat (credit card, bank transfer). Select your method and follow the instructions.
- Find TRUMP : Go to “Spot Market” or “Trading,” type “TRUMP” in the search, and choose the TRUMP/USDT pair to enter the trading space.
- Place a buy order : Opt for a market order (instant buy) or limit order (custom price). Enter the desired quantity of TRUMP, verify, and confirm.
