TRUMP memecoin soars 20% as Donald Trump publicly embraces crypto

• The TRUMP token saw a massive surge in interest, with prices soaring 20% in the last 24 hours.
• Trump’s comments around crypto and high social volume played a role in its growth.

The meme coin sector has been one of the most profitable sectors for holders in the recent crypto bull run.

Meme coins related to the 2024 U.S. presidential elections, such as TRUMP and BODEN, have garnered significant attention over the last few months.

TRUMP sees green

At the time of writing, the price of TRUMP was $10.16 reflecting a surge of 20.75% in the last 24 hours. However, this surge in price wasn’t something that happened completely out of the blue.

Since the 9th of May, the price of TRUMP was observed to be rallying. During this period, the price of TRUMP showcased multiple higher highs and higher lows, indicating a bullish trend.

The recent uptick in price further cemented the bullish trend being shown by TRUMP.

The RSI (Relative Strength Index) also grew materially over the last few days, indicating a heightened bullish momentum.

However, if RSI continues to grow, TRUMP could reach the overbought territory, which can mean there maybe a slight correction ahead for the meme coin.

Source: Trading View

Positive comments

One reason for the recent pump in the meme coin’s price would be the comments made by Former President and leading 2024 Republican candidate Donald Trump, who expressed his support for cryptocurrency to date in a post on Truth Social.

This post came just before his scheduled appearance at the Libertarian National Convention.

Trump emphasized his positive outlook and open-minded approach towards cryptocurrency companies and the entire burgeoning industry, asserting that the United States must take the lead in this field.

Due to the comments made by Trump, social media activity around the memecoin skyrocketed.

AMBCrypto’s analysis of Santiment’s data revealed that Social Volume around the token had grown significantly in the last few days.

Coupled with that, the Weighted Sentiment around the token had also grown, implying that the number of positive comments had outnumbered the negative ones at the time of writing.

The rise in social media popularity can help TRUMP’s price movement in the short term, however the election results can introduce volatility to the prices.

Source: Santiment