The US President is pushing his "cool" meme coin, but the market doesn't seem to be buying it

On March 23, US President Trump vigorously promoted his own meme coin $TRUMP on the "Truth Social" social platform under his company, calling it "so cool" and "the best token."

As soon as the news came out, the price of TRUMP instantly soared from US$10.93 to US$12.25, an increase of 12%. It is currently stable at around US$11.88 and has successfully ranked among the top ten cryptocurrencies with the highest increase on the day.

This was also #特朗普 ’s first public platform since January, and immediately triggered a new round of interest in the entire cryptocurrency market.

In this trading boom triggered by the president's endorsement, the derivatives market also followed suit crazily. Coinglass data shows that TRUMP derivatives trading volume increased by a staggering 384% during this period, with trading volume reaching US$2.647 billion. At the same time, futures open interest also increased significantly, surging 21.27% to a total of over US$360 million.

However, the booming market is not good news for all investors. On-chain analysis platform Lookonchain reported that a whale player who once earned $108 million from TRUMP suffered a setback in this market speculation.

After Trump posted the message, this investor hurriedly invested $5 million to buy TRUMP in USDC, but unfortunately, he lost $207,000 in just one hour, which was in stark contrast to his previous brilliant achievement of accurately buying 5.97 million TRUMPs.

Despite the president’s personal endorsement, cryptocurrency analyst Nishant Bhardwaj is not optimistic about the future of the memecoin craze. He pointed out that even a top traffic figure like Trump could not push TRUMP coin above the 4-hour resistance level, which also reflects the weak state of the market.

In short, as investors refocus on mainstream crypto assets such as Bitcoin, #模因币 , which relies on the celebrity effect, is facing a crisis of trust, indicating that the politician meme coin craze led by TRUMP coin has begun to cool down since January this year.

In summary, this drama of "President promotes products - retail investors celebrate - whales capsize" proves once again that the surge brought about by the celebrity effect is often short-lived, and the high-risk characteristics of meme coins remain, and even "insiders" may make wrong judgments. Therefore, investors must fully understand the risks and do their research and preparation before participating in any investment.