Trump Coin (TRUMP) price has surged more than 27% in 24 hours amid hype surrounding the US-UK trade deal, excitement surrounding a private dinner, and renewed bullish momentum.
The price of Trump Coin (TRUMP) surged early Friday, from $11 to $14.20 in less than 24 hours. According to CoinMarketCap, the coin gained an additional 27% in value, with trading volume surging 325% to over $2 billion. The announcement of the US-UK trade deal was a major catalyst for the rally across the crypto sector and riskier asset markets globally.
Investors appear to be hoping that these signals will ease trade pressures stemming from President Trump's imposition of tariffs on major US trading partners in early April. Technical developments also support the possibility of TRUMP's price continuing its upward trend, especially after it successfully broke out of its downward trajectory that extended until late April. The White House's announcement of a private dinner for the coin's 220 largest holders sparked a surge in momentum, pushing the price to $16.50 before falling back to $10 after the 50-day moving average (DMA) provided strong support, prompting a rebound from it. This is a strong sign that bulls are regaining control of the market. Could TRUMP's price surge propel it to retest its all-time highs?
Does this mean that the price of TRUMP could reach, and possibly exceed, its all-time highs? The answer is that it has gained increasing attention as the White House's private investor dinner approaches on May 22. According to a Bloomberg article, non-US bidders represent 76% of the world's top cryptocurrency investors, and they used crypto wallets that operated on exchanges not available to US residents.
Therefore, the price of TRUMP could see a strong jump as a result of the competition to win one of the 220 seats allocated to attend the dinner. This positive impact could be compounded if Bitcoin (BTC) - and the crypto markets in general - continue to recover. The price of BTC succeeded in surpassing $100,000 yesterday, Thursday, and is heading towards retesting its highs recorded at the beginning of the year at $108,000. Is TRUMP a good long-term investment?
Believers in the long-term potential of TRUMP coin point to its ability to enjoy sustained demand from loyal supporters and speculative investors and its potential for continued appreciation over time. This is due to its association with Trump's name, his global political influence, and his strong social media presence. Additionally, price stability and market penetration could improve due to the potential for significant investment from hedge funds and investment firms, as well as its strategic partners such as WorldLiberty Financial, which reported selling $500,000,000 worth of the coin.
All of this makes TRUMP a unique digital asset that can continue to hold strong, given its cultural weight due to its connection to politics. Critics have focused on the coin's lack of practical utility beyond its speculative nature, pointing to its value being reliant on fleeting waves of mania and the influence of Trump's name, which could face a decline in popularity or legal tightening due to conflict-of-interest concerns raised by ethics experts and Democratic members of Congress.
