The Official Trump (TRUMP) Meme Coin Sees Renewed Momentum
Recently, the Official Trump (TRUMP) meme coin has captured attention in the crypto world, marking a striking 42% rise in just the past week. As November approaches, several indicators suggest this Solana-based token could enjoy a favorable trading environment.
TRUMP Coin’s Price Journey
Launched earlier this year, TRUMP initially made waves with massive gains but soon faced intense volatility, experiencing a 70% drop in value. The notorious “Black Friday” crypto crash further exacerbated this decline, pushing TRUMP to near record lows. Yet, recent shifts in the macroeconomic landscape have ignited a rally. As of now, TRUMP surged to $8.6, with trading hovering around $8.2, marking a 5.28% uptick in just 24 hours.
Source: BeInCrypto Markets
This surge has sparked discussions among analysts regarding the coin’s potential for the upcoming month, driven by accumulation trends, regulatory developments, and technical signals.
1. Sustained Accumulation and Declining Exchange Balances
Recent data from Nansen highlights a notable trend: over the last 30 days, significant holders of TRUMP tokens have been accumulating more coins, while balances on centralized exchanges have decreased by 1.4%. This signals strong confidence among holders, suggesting they see the current market conditions as an opportune time to accumulate.
Additionally, Lookonchain reported that new wallets are actively purchasing TRUMP tokens. Analysts noted a wallet created specifically to buy TRUMP has already generated over $1.5 million in profit, demonstrating bullish sentiment.
Nonetheless, it’s important to recognize the concentration of ownership; the top 10 holders control approximately 92.5% of the total supply. This level of control means that any swings in whale movements may significantly impact TRUMP’s price.
2. Trading Activity Surges to New Highs
The excitement around TRUMP is further amplified by a surge in trading activity. According to Solscan data, transfer volumes and decentralized exchange (DEX) trading have reached peak levels not seen in the past three months.
The majority of this trading activity has been characterized by higher buy volumes compared to sell volumes. This increasing demand not only signals growing interest but also greater participation in the TRUMP market.
Source: Solscan
3. Growing ETF Momentum
Institutional interest is becoming a pivotal factor for TRUMP’s future. In August, Canary Capital filed an S-1 registration statement with the SEC to launch the Canary Trump Coin ETF. While still awaiting formal approval, the ETF’s listing on the Depository Trust & Clearing Corporation (DTCC) in early October adds a layer of legitimacy and enhances market confidence.
This listing may incentivize existing holders to maintain or expand their TRUMP positions, especially as the SEC adopts a more crypto-friendly stance, possibly paving the way for approval.
4. Technical Signals
From a technical analysis perspective, market experts have noted that TRUMP has recently broken out of a falling wedge pattern. This formation typically indicates a trend reversal and could suggest the onset of upward momentum.
An analyst commented, “TRUMP gave a classic fake breakout before finally breaking above its resistance trendline. The chart now looks way healthier and with this clean breakout, I think TRUMP could show up for a solid rally in this season.”
Such technical indicators, combined with whale accumulation and potential regulatory advancements, suggest a promising outlook for TRUMP in November. Ultimately, the sustainability of its current rally will hinge on broader economic conditions, regulatory developments, and overall market sentiment.
