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Highlights
- Official Trump meme coin has lost 33% on the weekly chart and is now 70% below its all-time high of $75.
- As TRUMP price takes a dip at $20, market analysts consider if it's a buy-the-dip opportunity.
- Donald Trump's attempt to promote TRUMP meme coin on social media has drawn criticism.
Solana-based Official Trump meme coin has come under strong selling pressure hours after Donald Trump posted about it on his social media platform Truth Social. The TRUMP price is down by 13% in the last 24 hours taking a dive under $20. On the weekly chart, the meme coin has lost more than 33% while it is down 70% from its all-time high of $75.
TRUMP Price Crashes Under $20
With the onslaught of the bears, the TRUMP price is down more than 13% to below $20. Also, the daily trading volume has surged by 65% to more than $3.4 billion as traders move to dump it.
Furthermore, the derivatives data from Coinglass shows that the TRUMP open interest has also slipped by more than 13% to $720 million while the 24-hour liquidations have soared to more than $15 million with $11 million in long liquidations.
Buy the Dip Opportunity for TRUMP Investors?
After hitting the daily low of $18.75, the TRUMP price bounced back and is currently trading at $21.09. Several market analysts believe that this is a buy-the-dip opportunity for crypto investors. Captain Faibik, a prominent market analyst, has weighed on it.
“Buying the $TRUMP dip! The falling wedge is still in play, expecting a strong bounce back,” Captain Faibik on X stated, pointing to the technical pattern suggesting a possible bullish reversal.
The falling wedge, often seen as a precursor to price breakouts, has fueled speculation that TRUMP could stage a significant comeback. Another market analyst Edward Morra stated that the TRUMP price bounced back from the perfect support at $20. He further added that he would be going long on the altcoin from here. “Went a bit deeper than I expected. Loaded up on TRUMP (average $21.5). Ideally, looking for a bullish reclaim above $25 for continuation,” he said.
Donald Trump’s Attempt to Pump
With the TRUMP price crashing nearly 70% from its all-time high, President Donald Trump took to social media to promote his meme coin. “I LOVE $TRUMP!!” President Trump wrote in a Truth Social post asking users to get back and buy the meme coin.
However, crypto industry players have criticized this move with SkyBridge Capital founder Anthony Scaramucci slamming the President. In a message on the X platform, Scaramucci wrote:
“President Trump posted on Truth Social last night in an attempt to “pump” his $TRUMP memecoin (yes that’s a real sentence that many have normalized). The result has been an acceleration of the “dump,” now down 70% from its peak. The jig is up”.
The Official Trump token has slipped to the fourth spot losing in this latest fall, losing the third spot to PEPE Coin. The broader crypto market is down today as Trump tariffs kick in which could lead to another major crash ahead.
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