Is the official TRUMP meme coin worth adding to your portfolio especially now that it has been heavily discounted? This meme coin’s initial success in overthrowing some of the largest meme coin in its first week after launch attracted a lot of attention.
Meme coin enthusiasts who missed the boat with the Official TRUMP meme coin may just have another chance to get in at discounted prices. This is because the meme coin has been on a downward spiral which sent its price below the listing price on major exchanges such as Binance.
But before diving into TRUMP price action, it is worth noting that the meme coin recently ranked 2nd among the coins with the highest social activity. This is often a good sign because it boosts engagement and it aligns with the meme coin’s latest price action.
TRUMP sell pressure levels out followed by strong demand
To recap, TRUMP peaked at $77.24 on 19 Jan and has since then tanked by roughly 74% at its 18.95% press time price tag. This is a noteworthy price point because the meme coin just concluded its first overall bullish week.
Official TRUMP meme coin | Source: TradingView TRUMP rallied by as much as 68% from its lowest to highest price point last week. For context, it rallied by over 187% on the first day of listing on Binance, but then it gave up all those gains by the end of that first week.
The meme coin has been in free-fall since then but leveled out last week followed by a wave of demand. This was confirmed by the MFI which indicated the return of liquidity injection.
Onchain metrics collaborated these observations, with the Official TRUMP receiving over $203 million in spot flows in the last 3 days. It also confirmed a rapid deceleration in the rate of sell pressure.
To buy or not to buy TRUMP?
Under normal circumstances, a slowdown in sell pressure accompanied by a significant demand surge are usually signs of a bullish build up. This would thus be an easy decision for any potential buyers. However, it is not that black and white for the TRUMP meme coin.
It has recently been at the center of controversy for numerous reasons, including ethical reasons due to President Trump’s involvement and influence. In addition, the massive crash that followed after its initially rally raised market manipulation concerns .
The official TRUMP meme coin has been experiencing heavy negative criticism with some going as far as to call it a pump and dump scheme. Lawmakers have been pushing for the implementation of consumer protection measures.
Despite the criticism, Official TRUMP has already established itself as a major meme coin and it is still trading at a discount. In addition, the strong social sentiment alongside the recent heavy liquidity injection confirms that it is still a popular meme coin. It remains to be seen whether its special circumstances come in the way of another strong bullish outcome.
