At one point, TRUMP’s market cap was approaching the psychological $1 billion mark.
However, the asset lost almost all of its gains in the following hours, perhaps due to a blow against Trump from the US Supreme Court.
The Trump effect or mere coincidence?
Official Trump (TRUMP) – the biggest meme coin related to the POTUS – jumped to almost $3.80 on Friday, the highest since early February. Its market cap was almost $900 million, making it the sixth largest meme coin.
Other Trump-themed tokens, including Pepe Trump (PTRUMP), Super Trump (STRUMP), and SUI TRUMP (SUITRUMP), also headed north, although they charted more modest gains.
Their revival coincides with the president’s promise directly the Secretary of War and other relevant departments to begin identifying and declassifying government files on extraterrestrial and extraterrestrial life. The topic has always fascinated the public, but a recent podcast with former US leader Barack Obama has further increased the focus.
When asked about the existence of aliens he replied confirmed they are real, but it makes it clear that he has never seen one in person. Furthermore, Obama said they will not be held at the infamous Area 51 “unless there is a massive conspiracy and they have hidden it from the president of the United States.”
It’s important to note that Trump’s promise on that front may not be the only factor fueling a resurgence of the aforementioned meme coins. The broader cryptocurrency market, where Bitcoin (BTC) and many altcoins have seen small gains over the past 24 hours, could also have played a role.
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What’s next?
Some commenters on The analyst nicknamed Don claimed the meme coin “looks good,” indicating that its price structure signals potential upside to $13.29.
Nevertheless, investors and traders should be extremely cautious when dealing with such assets due to their notorious volatility. Launched in January last year, TRUMP initially exploded above $70 but crashed into double digits just days later.
The asset’s Relative Strength Index (RSI) also indicates a possible correction. The technical analysis tool measures the speed and magnitude of recent price changes and gives traders an idea of potential reversal points. It ranges from 0 to 100, with ratios around and above 70 suggesting the token is overbought and due for a pullback. On the other hand, anything below 30 is considered a buying opportunity. Currently, the RSI is just south of the bearish zone.
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