The recovery of the meme coin is facing difficulties, as its price hovers around $10.00.
World Liberty Financial, a company affiliated with the Trump family, announced the upgrade of the USD1 coin by adding bridge and swap functionalities.
The decline in trading volumes and the sharp drop in open interest in the futures market indicate investor indifference.
On Thursday, investor confidence in Trump declined as the meme coin approached $10.00. Given the weak sentiment, open interest in the derivatives market, and trading volumes, the recovery of the coin has been slow in recent weeks.
World Liberty Financial announced upgrades to the USD1 stablecoin.
The updates from the United States for the World Liberty Financial (WLFI) website associated with President Donald Trump’s family include bridge and swap units for the USD1 stablecoin.
Individual loan units and WLFI applications have also been updated. The website indicates that all changes, except for the bridge unit, are under development and awaiting deployment.
USD1 is a stablecoin that converts 1:1 to US dollars. US Treasury bonds and the US dollar provide full backing for the cryptocurrency. The support of its multiple chains facilitates adoption, interoperability, and integration.
In the past twenty-four hours, the trading volume of the Trump meme coin has decreased by approximately 14% to reach $678 million, indicating a decline in enthusiasm. Open interest in the futures market dropped by 12.4% to $383 million.
Open Interest is the number of outstanding futures and options contracts. A decrease in open interest and the trading volume of the Trump token indicates a lack of interest, which reduces market participation and raises prices.
The support level is at $10.00, while resistance is around $16.00 for the official Trump meme coin. For weeks, the token has been negative, constrained by profit-taking and a lack of trader confidence. With the support level remaining at $10.00, a rebound may occur, depending on the sentiment of the cryptocurrency market. The high liquidity area may encourage traders to buy on dips, strengthening the meme coin. Positive aspects include seller congestion at $13.00, and the range cap at $16.00, which is a 55% increase from the current price.
