TRUMP, the memecoin launched by US President Donald Trump, saw a sharp price jump after the President promoted it on his Truth Social platform.
In a March 23 post, Trump praised the token as “SO COOL” and “The Greatest of them all.” This marked his first public endorsement of the token since January and immediately triggered renewed interest across the crypto market.
Shortly after the post, the token surged from $10.93 to $12.25—an increase of around 12%—before stabilizing near $11.91.
During the past day, this price performance momentarily earned the digital asset a place on CryptoSlate’s top 10 gainers list.
Derivatives surge, but whales take a hit.
Meanwhile, the excitement extended far beyond spot markets. Coinglass data shows that TRUMP’s derivatives trading volume skyrocketed 373.30% to hit $2.61 billion, marking a multi-week high.
At the same time, open interest in TRUMP futures rose 25.25%, reaching $370.68 million. This dramatic spike highlighted the renewed speculation surrounding the token.
While some traders attempted to ride the wave, not everyone came out ahead.
On-chain analytics platform Lookonchain reported that a high-profile whale, who previously earned around $108 million from early TRUMP investments, lost $207,000 in just one hour.
After spending $5 million USDC to buy into the rally, the trader sold the tokens shortly after Trump’s post, locking in a six-figure loss.
This misstep starkly contrasts the whale’s earlier success—he had invested $1.09 million USDC to acquire 5.97 million TRUMP tokens, which later netted him one of the most profitable memecoin trades in recent memory.
Memecoin interest wanes
Trump’s promotion of the memecoin drew diverse reactions from the crypto community members who pointed out that interest in the sector was waning.
Crypto analyst Nishant Bhardwaj said:
“Donald Trump, arguably the most influential figure in the world, just posted about $TRUMP, and the meme token still couldn’t break its 4H resistance. If that doesn’t show how weak this market is, I don’t know what does.”
The TRUMP token launch in January sparked a wave of similar launches tied to public figures and governments, many of which had drawn backlash for exploiting hype and lacking transparency.
As a result, public interest in memecoins has significantly declined, with investors increasingly turning to more solid crypto projects like Bitcoin.
Mentioned in this article
