Official Trump TRUMP/USD dramatically surged Sunday after none other than President Donald Trump promoted the meme coin on social media.
What happened: The Solana SOL/USD-based token ripped over 11% within an hour after Trump posted from his Truth Social account, “I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!”
Screenshot from Donald Trump’s Truth Social Account
However, as with the two-month-old coin’s previous swings, it couldn’t sustain the rally for long, plummeting back into the $11 zone.
That said, TRUMP remained the market’s third-biggest gainer in the last 24 hours, rising over 7%. Moreover, its trading volume skyrocketed 288% to $1.22 billion, becoming the most traded meme coin on the day.
The fluctuating price action became the undoing of an investor who previously profited from the meme coin.
According to Lookonchain, the whale scooped $5 million in TRUMP immediately after Trump’s Truth Social post. However, they sold an hour later, losing $207,000.
The investors had previously walked away with nearly $108 million in profit betting on TRUMP.
See Also: Cathie Wood Believes Most Memecoins Will Face ‘Fearsome Declines,’ But They Could End Up Becoming Collector’s Items
Why It Matters: Widely followed trader Eliant Capital took a swipe at Trump’s promotion of his meme coin.
“Trump “apparently” doesn’t care about the stock market & isn’t watching markets, but he cares about TRUMP coin,” Eliant Capital stated, referencing the president’s previous statements on recession and markets.
TRUMP, whose majority supply is controlled by entities linked to The Trump Organization, has collapsed nearly 85% from its all-time high set ahead of Trump’s inauguration in January.
Moreover, since its market peak at $75.35, nearly $65 billion in fully diluted market valuation has been eroded.
Price Action: At the time of writing, TRUMP was exchanging hands at $11.58, up 7% in the last 24 hours, according to data from Benzinga Pro.
Benzinga Note: Memecoins, especially those lacking community support and utility, are highly speculative investments, prone to wild swings in short periods.
Image via Shutterstock
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