$TRUMP soars above $12 after Trump’s Truth Social post

The official Trump memecoin, $TRUMP, went up greater than 10% to $12.25 after Donald Trump shared a submit endorsing the token on Fact Social.

In keeping with data from crypto.information, the official Trump (TRUMP) token has crossed over the $12 threshold, bouncing as excessive as $12.25. At press time, $TRUMP has gone up greater than 9% up to now 24 hours. The token is presently buying and selling palms at $11.94. Prior to now month, the token has skilled a decline, happening by greater than 26.4%.

Not solely that, the Trump memecoin’s market cap has additionally gotten a a lot wanted increase after remaining principally stagnant all through this month. After Trump’s submit, the Solana (SOL)-based memecoin’s market cap went up by 8.3% to $2.37 billion up to now day.

As well as, $TRUMP’s day by day buying and selling quantity obtained a lift of greater than 375.1%, indicating an increase in market exercise since Trump’s Fact Social post.

On March 23, President Trump shared a post on the Fact Social endorsing the token out of nowhere. Fact Social is a social media platform owned by Trump Media & Know-how Group that was launched in 2022. President Trump would typically use Fact Social as his most popular social media platform to share updates on authorities insurance policies or his private views.

This time, he used the platform to specific his pleasure for the $TRUMP token and the way he believed it was the “best” token of all time.

“I LOVE $TRUMP — SO COOL!!! The Best of all of them!!!!!!!!!!!!!!!!” wrote Trump in his latest submit.

Not lengthy after Trump revealed his submit, the token spiked greater than 10%, hitting a excessive of $12.25. The token had beforehand been in a droop, solely managing to succeed in round $10 within the days main as much as the spike.

Nevertheless, the excessive didn’t final lengthy. The token retreated beneath $12 not lengthy after the hype died down. Throughout this decline, a whale misplaced $207,000 after spending $5 million USDC (USDC) to purchase a big chunk of $TRUMP tokens, solely to promote them an hour later, in response to on-chain data from Lookonchain.

The whale is well-known within the crypto group for making a revenue of $108 million within the early days following the Trump token’s launch, when it purchased 5.97 million $TRUMP value $1.09 million USDC.

Final week, Trump delivered a digital deal with at Blockworks’ Digital Belongings Summit in New York. In his speech, he talked concerning the significance of stablecoin rules, the strategic Bitcoin (BTC) reserve, and the destructive impression of crypto debanking.