Former President Trump's endorsement of $TRUMP token on Truth Social sparked a temporary 10% price surge, pushing it from $10.90 to $12. Trading volume exploded by 218% in 24 hours as enthusiastic supporters jumped in. But the gains didn't stick – the token remains down 85% from its all-time high of $75.35. Even Trump's "so cool" stamp of approval couldn't save this meme coin from crypto market reality. The full story behind this digital rollercoaster raises eyebrows.
In a move that surprised absolutely no one, former President Donald Trump endorsed the $TRUMP token on Truth Social, calling it "so cool" and "the greatest of them all." The endorsement sent the token's price soaring nearly 10%, from $10.9 to $12, though the gains proved short-lived.
The endorsement triggered a massive surge in trading activity, with volume skyrocketing 218% in just 24 hours. Not bad for a token that's still down 85% from its all-time high of $75.35. Trump, who holds over $10 million in cryptocurrency with $7.3 million in $TRUMP tokens alone, seems unfazed by the dramatic price swings. The campaign's recent decision to accept crypto donations through CoinbaseCommerce demonstrates a broader embrace of digital currencies.
Built on the Solana blockchain, the $TRUMP token boasts a total supply of 1 billion tokens. Here's the kicker: only 200 million were released to the public. The remaining 800 million? Locked away by affiliated entities, waiting to be revealed according to some mysterious "phased release schedule." The token's branding features a cartoon Trump fist-raising logo that's become instantly recognizable in crypto circles. Experts recommend using hardware wallets for safeguarding large token holdings against potential security breaches.
A classic crypto playbook: 1 billion $TRUMP tokens created, but 80% mysteriously locked away by insiders for future "phased" release.
The token's market cap once touched a staggering $15 billion, but those glory days are long gone. Now it's just another crypto asset struggling to maintain momentum in a crowded market. Even Trump's enthusiastic endorsement couldn't sustain the price bounce – a familiar pattern in the volatile world of meme coins.
The token faces stiff competition, including from the $MELANIA token, of all things. Despite Trump's massive social media presence and his use of Truth Social as a promotional platform, investor response has been lukewarm at best.
The token's marketing pitch? It's not just an investment – it's a way to show support for Trump. Because apparently, regular campaign donations are too mainstream.
For all the hype and endorsements, the $TRUMP token remains well below its peak, trading around $11. Even Trump's newfound appreciation for blockchain technology and his substantial crypto holdings haven't been enough to reverse the token's fortunes. Sometimes, even the "greatest of them all" needs more than a social media boost to reach the moon.
