The $TRUMP meme coin has seen high social media engagement. It is in relation to President Donald Trump’s public authorization, where he is being referred to as "the greatest of them all." This new traction is making communities anticipate its impact on the coin’s market performance.
What Do The Market Indicators Say?
The TRUMP meme coin prices have been stable, showing a consolidation phase in March. However, indicators like the Money Flow Index (MFI) and Relative Strength Index (RSI) show upward momentum.
These trends indicate a return of liquidity flows, signaling a bullish phase. Currently, it is trading at $11.89, showing a 9.39% increase in the past 24 hours.
Spot and Derivatives Market Activity
The derivatives market shows increasing interest, as the open interest rises by 25.36% and reaches $367.69 million on the same day. Also, the daily trading volume increased by 320.24% during the same period.
In the spot market, total inflows were $11.47 million in the 24 hours, marking the third-highest daily spot flows since the beginning of the month.
Whale Activity and Market Outlook
Although the indicators show positive signs, the net whale activity is negative as traders capitalize on short-term gains. This can be challenging for sustained rallies. Constant social engagement may result in increasing demand, but short-term profit-taking may limit the coin’s upward movement.
Final Words
The TRUMP meme coin’s surge in social engagement and market activity shows how public figures influence the crypto market. While technical indicators show signs of growth, investors must keep an eye out for the risks that are associated with the increased volatility and short-term behaviors.
