- The TRUMP token noticed a large surge in curiosity, with costs hovering 20% within the final 24 hours.
- Trump’s feedback round crypto and excessive social quantity performed a job in its development.
The meme coin sector has been some of the worthwhile sectors for holders within the latest crypto bull run.
Meme cash associated to the 2024 U.S. presidential elections, comparable to TRUMP and BODEN, have garnered vital consideration over the previous few months.
TRUMP sees inexperienced
On the time of writing, the price of TRUMP was $10.16 reflecting a surge of 20.75% within the final 24 hours. Nevertheless, this surge in price wasn’t one thing that occurred utterly out of the blue.
Because the ninth of Could, the price of TRUMP was noticed to be rallying. Throughout this era, the price of TRUMP showcased a number of greater highs and better lows, indicating a bullish pattern.
The latest uptick in price additional cemented the bullish pattern being proven by TRUMP.
The RSI (Relative Energy Index) additionally grew materially over the previous few days, indicating a heightened bullish momentum.
Nevertheless, if RSI continues to develop, TRUMP might attain the overbought territory, which may imply there perhaps a slight correction forward for the meme coin.
Supply: Trading View
Optimistic feedback
One cause for the latest pump within the meme coin’s price can be the feedback made by Former President and main 2024 Republican candidate Donald Trump, who expressed his help for cryptocurrency to this point in a publish on Reality Social.
This publish got here simply earlier than his scheduled look on the Libertarian Nationwide Conference.
Trump emphasised his constructive outlook and open-minded method in the direction of cryptocurrency corporations and your entire burgeoning business, asserting that the USA should take the lead on this discipline.
As a result of feedback made by Trump, social media exercise across the memecoin skyrocketed.
AMBCrypto’s analysis of Santiment’s information revealed that Social Quantity across the token had grown considerably in the previous few days.
Coupled with that, the Weighted Sentiment across the token had additionally grown, implying that the variety of constructive feedback had outnumbered the destructive ones on the time of writing.
The rise in social media reputation may help TRUMP’s price motion within the brief time period, nevertheless the election outcomes can introduce volatility to the costs.
Supply: Santiment