Date: Mon, Jan 20, 2025, 07:15 AM GMT
The cryptocurrency market is buzzing today with the highly anticipated inauguration of Donald Trump, which has coincided with the launch of Trump-family-backed memecoins: Official Trump (TRUMP) and Melania Meme (MELANIA). Both tokens have enjoyed bullish rallies, capturing the market’s attention.
Within just 72 hours of its listing, Official Trump (TRUMP) has shattered milestones, skyrocketing by over 42,000%. The token surged from an initial price of approximately $0.18 to an impressive high of $75.83, catapulting its market capitalization to over $12 billion.
This achievement makes TRUMP the third-largest memecoin by market cap, following DOGE and SHIB, while overtaking PEPE, which now ranks fourth.
Robinhood Listed TRUMP
Yesterday, TRUMP secured major listings on Binance and Coinbase, significantly boosting its liquidity and visibility. Today, the token added another milestone with its listing on Robinhood, announced two hours ago. Robinhood shared the news via X, confirming that OFFICIAL TRUMP ($TRUMP) is now available for trading on their platform.
Can The Token Maintain Its Momentum?
Despite its meteoric rise, TRUMP faced significant volatility in the past 24 hours. Following the launch of Melania Meme (MELANIA), TRUMP’s price experienced a sharp decline, dropping from its high of $75 to a low of $35, marking a 55% correction. However, the token found strong support at the $35 level, rebounding quickly to $60, aided by the Robinhood listing.
On the 4-hour chart, TRUMP appears to be forming a descending triangle pattern, which is often associated with potential breakouts. Currently trading at $59 level which is near the resistance trendline, the token is at a critical juncture.
A successful breakout above this resistance could propel TRUMP back to its recent high of $75, signaling renewed bullish momentum. Conversely, failure to break the resistance may lead to further declines, with key support levels positioned at $52 and $43, highlighting the importance of the upcoming price action.
Given the ongoing inauguration ceremony, heightened volatility is expected for the token in the short term.
Conclusion
While TRUMP has displayed remarkable growth, its future trajectory will depend on market sentiment. However, volatility like the recent 55% dump and today’s upcoming oath ceremony of Donald Trump are likely to bring further price fluctuations in the near term. As always, investors should remain cautious and closely monitor price movements during this period of heightened volatility.
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