Bitcoin briefly rose above $85,000 earlier today but has since settled at approximately $84,600, exhibiting minimal volatility. The weekend trading lull has contributed to a period of sluggish price movements, and trader enthusiasm remains muted. Such conditions often allow certain altcoins to display positive behaviors, as seen in recent trends.
What is Driving Trump Coin’s Rise?
In the wake of a significant token unlock yesterday, Trump Coin’s value jumped nearly 10%. This event saw 40 million tokens enter circulation, which marks 4% of the total supply, increasing the circulating total from 200 million to 240 million tokens.
Typically, token unlocks result in price drops, but Trump Coin defied expectations by climbing from $7.50 to $8.72, a notable increase exceeding 10%.
Can Trump Coin Sustain Its Momentum?
The newly released tokens are held by the project’s founders and CIC Digital LLC. Launched on the Solana network, Trump Coin debuted just before the new presidential term began. Although it initially joined the ranks of meme coins, liquidity shifted away from it during the early months of 2023, causing losses for many altcoins.
Despite past difficulties, interest in Trump Coin could surge while Trump serves his term, potentially boosting its market presence.
Those who bought Trump Coin prior to January 21 are now facing considerable losses. In the hype surrounding meme coins—even with a figure as prominent as the president involved—the upward trajectory is unlikely to persist. Presently, it remains around 90% below its peak, which surpassed $80.
With a trading volume of $460 million and a market cap of $1.64 billion, Trump Coin continues to attract attention. However, with regular token unlocks anticipated, price declines are probable. As all tokens circulate, the projected market cap could also hit $8 billion, competing closely with other meme coins.
- Trump Coin recently experienced a 10% price surge following a token unlock.
- Current price still sits 90% below its all-time high.
- Trading volume remains robust at $460 million.
- Regular unlocks could lead to further price declines.
Traders should brace for possible fluctuations, as sudden price surges might reach $12.50, yet the overarching trend seems to be downward.
