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The official Trump memecoin, $TRUMP, surged over 10% to reach $12.25 following a post by former U.S. President Donald Trump endorsing the token on Truth Social. The token, which is based on the Solana blockchain, demonstrated significant market activity after the endorsement, signaling renewed interest from investors and traders.

$TRUMP Token Price and Market Performance

According to recent data, the $TRUMP token crossed the $12 mark, peaking at $12.25 before settling at $11.94 at the time of reporting. This represents a gain of more than 9% in the last 24 hours. Despite this recent rally, the token has experienced a month-long decline, losing over 26.4% of its value during that period.

The market capitalization of the $TRUMP token also saw a notable increase. Following Trump’s endorsement, the market cap rose by 8.3% to $2.37 billion. Additionally, the daily trading volume of the token skyrocketed by more than 375.1%, reflecting heightened market activity and interest in the memecoin.

Trump’s Endorsement on Truth Social

On March 23, Donald Trump took to Truth Social, his social media platform, to express his enthusiasm for the $TRUMP token. In his post, he described the token as the “greatest of all time,” sparking widespread attention and market movement.

“I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!” – Donald Trump

Trump’s endorsement immediately triggered a spike in the token’s value, pushing it above $12. However, the momentum was short-lived as the price retreated below $12 shortly after the initial surge.

Notable Whale Activity

The sudden price movement also attracted significant whale activity. One prominent investor, known for making substantial profits during the token’s early days, reportedly incurred a $207,000 loss. The whale spent $5 million in USDC to purchase a large quantity of $TRUMP tokens only to sell them an hour later at a loss, according to on-chain analytics.

Previously, this same investor had earned $108 million in profits by acquiring 5.97 million $TRUMP tokens for $1.09 million USDC shortly after the token’s launch.

Trump’s Views on Cryptocurrency

Last week, Donald Trump addressed the topic of cryptocurrency at a major industry event, the Digital Assets Summit in New York. During his virtual speech, he discussed the importance of stablecoin regulations, the potential of a strategic Bitcoin reserve, and the challenges posed by crypto debanking. His pro-crypto stance has further bolstered confidence within the digital asset community.

Key Takeaways for Investors

  • $TRUMP token saw a 10% price increase following Donald Trump’s endorsement.
  • Market cap rose by 8.3%, reaching $2.37 billion, with trading volume spiking by over 375.1%.
  • Despite the recent rally, the token is still down 26.4% over the past month.
  • Whale activity indicates speculative trading, but it also highlights the risks associated with memecoins.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments are highly volatile and involve significant risk.

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