Justin Sun, a startup entrepreneur heavily focused on blockchain technology and the web3 space, has announced a strategic investment in the Donald Trump-backed memecoin named Official Trump ($TRUMP). The founder of Tron stated he is committed to purchasing $100 million worth of $TRUMP tokens in the near future.
This announcement comes after the recent move by Trump’s official memecoin team to connect $TRUMP to the Tron blockchain via the LayerZero chain. According to Sun, the $100 million investment in the TRUMP memecoin underscores Tron’s commitment to collaborating with vibrant cryptocurrency communities.
$TRUMP Ready for Breakout
Memecoin $TRUMP has grown to a market capitalization of around $1.8 billion and a fully diluted valuation of about $9 billion. Following this announcement, the price of TRUMP rose by 5% on Wednesday, trading around $9.01 during the North American trading session.
The sudden price increase of $TRUMP today coincides with the price surge of BTC towards a new all-time high of around $112,000. Therefore, the price of $TRUMP is in a favorable position to rise in the coming weeks, especially if BTC continues to close above $112,000.
In terms of technical analysis, the price of TRUMP has formed a double bottom pattern combined with a bullish divergence of the daily Relative Strength Index (RSI). With the memecoin having recently tested the breakout of the declining logarithmic trend, a potential parabolic price increase towards an all-time high is highly likely.
