The official self-proclaimed ‘Trump’ meme coin, which is based on Solana, has incurred serious selling pressure only hours after the former US president, Donald Trump spoke about it on Truth Social.
The TRUMP coin is currently trading under the $20 mark with an increase in selling pressure which has decreased the price by 23% in the last 24 hours alone. Within a week, the coin has lost over 33% in value, now sitting at $75, which is 70% lower than the peak price.
TRUMP Drops Below $20 Amid Tightened Sell Pressure
The price of TRUMP has now dropped below $20 as negative sentiment gains traction, a drop of over 23%. Trading volume soared by 65% as traders rushed to sell the asset, surpassing the $3.4 billion mark.
Per Coinglass, the derivatives data reveals a drop of 23% in TRUMP open interest, which is now sitting around the $720 wealth mark, with the liquidations reaching above $15 million in the last 24 hours, including $11 million of long liquidations.
Was Iriw’s comment TRUMP Price a Buy-the-DIP Perspective on?
TRUMP has recovered and is changing hands at $21.09, after dropping from the daily high of $18.75. Some analysts deem this as a favorable buy-the-dip opportunity. Captain Faibik, a renowned analyst, stated the falling wedge pattern gives him an idea of the price recovering strongly.
“Buying the $TRUMP dip! The falling wedge is still in play, expecting a strong bounce back,” said the captain. Furthermore Edward also touched on the fact that TRUMP found solid support at the $20 mark, bringing hope to potential in this altcoin. “Went a bit deeper than I expected. Loaded up on TRUMP (average $21.5). Ideally, looking for a bullish reclaim above $25 for continuation,” added Edward.
Donald Trump’s Effort to Promote the $TRUMP Coin Fails While Prices Decline Further
With $TRUMP coin trading up more than 70% from its all time high, Donald Trump has taken to social media to promote his meme coin, posting I Love $Trump on Truth Social and urging users to stop selling.
Donald Trump’s moves have faced criticism from industry figures like Anthony Scaramucci, founder of Skybridge Capital. On the X platform, Scaramucci condemned the attempt while simultanesouly reiterating the coin’s decline.
The $TRUMP token seems to have dropped down to the 4th position, losing its 3rd place rank to PEPE Coin. Meanwhile, the greater crypto market is also on a downturn, Donald Trump’s tariffs could cause a significant crash.