This Week in Meme Coins: US Politics Influences TRUMP To Rally 160%;  ELON, SPX Follows

The latter half of January is shaping up to be politically charged for meme coins, coinciding with Donald Trump’s return to the spotlight. Leading the pack this week is the Official Trump Token (TRUMP). 

BeInCrypto has also analyzed two other standout meme coins that outperformed major players, offering insights for investors.

Official Trump (TRUMP)

TRUMP continues to dominate meme coins this week, driven by executive orders and announcements from US President Donald Trump. The token’s name association with Trump has amplified its popularity, attracting investor interest amid the politically charged environment.

The TRUMP token surged by an impressive 167% this week, briefly reaching a new all-time high of $79.34. The rally reflects heightened market enthusiasm, fueled by Trump’s polarizing actions and growing attention to politically-themed cryptocurrencies. However, the token has faced volatility since its peak.

TRUMP Price Analysis. Source:  TradingView

Currently trading at $34.31, TRUMP aims to secure $45.07 as support to sustain its uptrend. Failing to hold this level could push the price down to $26.09 or lower, invalidating the bullish outlook.

Dogelon Mars (ELON)

Dogelon Mars gained significant traction this week due to its association with Elon Musk, now leading Trump’s Department of Government Efficiency (D.O.G.E.). This connection has bolstered the meme coin’s appeal among investors seeking opportunities tied to Musk’s influence in the cryptocurrency space.

ELON’s price surged 82%, reaching $0.0000003512 after successfully holding $0.0000002921 as a support level. This upward momentum positions the coin to target $0.0000004000, reflecting growing confidence in its potential for further gains.

ELON Price Analysis. Source:  TradingView

Although price correction seems unlikely in the short term, unexpected sell-offs could push ELON below $0.0000002921. A drop to $0.0000002389 would erase recent gains and invalidate the bullish outlook.

SPX6900 (SPX)

SPX6900, a meme coin associated with the SPX 500 stock market index, has garnered significant attention among investors. The meme coin’s appeal lies in its association with stock market fluctuations, particularly amid heightened market interest since Donald Trump’s presidency. This connection positions SPX6900 as a unique asset in the crypto market.

The token surged by 28% recently, reaching an all-time high (ATH) of $1.77 before retracing to $1.30 at the time of writing. Despite the correction, SPX6900 remains a focal point for traders seeking to capitalize on its rapid price movements. Sustained momentum could lead to a recovery.

SPX Price Analysis. Source:  TradingView

If SPX6900 holds its $1.23 support level, it could regain its upward trajectory and potentially surpass its previous ATH. However, losing this critical support might push the token down to $0.91, wiping out recent gains and undermining its bullish outlook.