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The Official Trump price went ballistic and soared over 10,880% in the last 24 hours to trade at $10.01 as of 8:24 a.m. EST as degen investors pile into the crypto.
The remarkable surge in the TRUMP price saw the meme coin’s fully diluted market soar to an eye-popping $21 billion within hours of its debut at 2:00 a.m. UTC.
TRUMP’s impressive performance comes after the token was promoted on the X account of US President-elect Donald Trump. But there are growing fears that the project might be a sophisticated scam.
In the last year, several celebrities have seen their X accounts hacked to promote scam tokens that were deployed on the Solana blockchain through Pump.fun.
My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
With the inauguration approaching on Monday, investors are fearful that an opportunistic hacker is behind what could be a massive rug pull. Adding to the speculation is the fact that 80% of the crypto’s supply is locked up and the token was created using the Solana-based Pump.fun launchpad.
Official Trump Price Drops Out Of A Bullish Channel
15-minute chart for TRUMP/USD (Source: GeckoTerminal)
The Official Trump price formed a positive price channel after printing a series of higher highs and higher lows on the 15-minute chart over the past 24 hours. However, the crypto recently broke out below the lower boundary of the channel. In the last hour, wicks have also emerged on top of the crypto’s candlesticks, indicating a fair amount of sell pressure.
Should sellers continue to exert pressure on the Official Trump price in the coming couple of hours, the crypto might end up losing the $20.41 support level. A drop below this recently-gained technical safety net could then lead to a drop to the next support at $17.34. An extremely bearish scenario might even lead to TRUMP falling to as low as $13.57.
On the other hand, the Official Trump price closing a 15-minute candle above $20.41 mark within the next hour or two could be followed by another move towards the upside.
In this alternative case, the Official Trump price could try to re-enter the ascending price channel that has emerged on the crypto’s 15-minute chart before attempting to break the $23.85 resistance level and continue climbing.
Technicals Warn The Official Trump Price Might Drop Soon
From a technical standpoint, it seems traders have started taking profits. Both the Relative Strength (RSI) and the Moving Average Convergence Divergence (MACD) warn TRUMP has entered a negative short-term cycle and might drop in coming hours.
RSI readings have dropped from around 93, when the crypto’s rally started, to 57. This could suggest that there has been a substantial drop in buyer strength. Although the latest reading is still above the neutral 50 mark to indicate that buyers have the upper hand, the negative slope of the RSI line warns sellers could soon take full control of the Official Trump price.
Meanwhile, the MACD line has crossed below the MACD SIgnal line in the last couple of hours. This specific technical event usually indicates that a crypto’s momentum has shifted from bullish to bearish. This seems to be the case in this instance, as the Official Trump price dropped below the lower boundary of the aforementioned ascending channel.
Amid uncertainty about the legitimacy of TRUMP coin, investors might hedge their bets by diversifying into hot presale meme coins that also have explosive upside potential. Tokens such as Wall Street Pepe (WEPE), Solaxy (SOLX) and Mind of Pepe (MIND) are among analyst favorites right now.
TRUMP Hype Might Cause Congestion On The Solana Network – Enter, SOLX
The hype around TRUMP has brought a blizzard of investors to the Solana blockchain today. The post on Trump’s X has amassed over 36 million views already.
Solana could therefore face another outage if the surge in traffic overwhelms its infrastructure, which could bring attention to layer-2 crypto Solaxy.
The project is the first scaling solution focused on the Solana network. It also aims to bridge the Solana and Ethereum networks to create one super Web3 ecosystem. So far, the project has managed to raise more than $11.18 million and is offering investors who stake SOLX a 317% APY.
New Pepe Derivatives WEPE And MIND Soar
Frog-themed tokens WEPE and MIND could also benefit from the interest TRUMP has brought to the meme coin space recently. WEPE’s ongoing presale has gone parabolic, raking in more than $51 million to make it the standout presale of the year.
Crypto analyst and YouTuber ClayBro recently said in a video for his more than 134K subscribers that WEPE could potentially pump 100X after its launch.
Meanwhile, MIND raised $1 million in just the first 24 hours of its ICO going live this week. Its buying frenzy continues, with the crypto’s total raise standing at over $2.1 million in just a few days.
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