Donald Trump’s memecoin, $TRUMP, took the crypto world by storm, skyrocketing over 28,000% in just 36 hours
This explosive rally left even seasoned investors shaking their heads. In perspective, $TRUMP’s gains in less than two days outpaced the S&P 500’s returns since 1971. That’s a staggering 54 years of growth.
Between 12:00 AM and 6:00 AM ET, the coin’s price doubled, driven by an influx of buyers. Over the last 24 hours, $1.1 billion in buy volume outweighed $850 million in sales. For every buyer, there were roughly three sellers. This imbalance pushed demand through the roof, creating a frenzy.
Adding more fuel to the fire were announcements from Coinbase and Binance. Both major exchanges listed $TRUMP, widening access to traders. Binance also introduced USD-margined contracts with 25x leverage, allowing traders to amplify their positions. But with high leverage comes high risk—this market’s volatility isn’t for the faint of heart.
Despite the coin’s meteoric rise, Donald Trump stayed quiet. His only acknowledgment was a repost from Eric Trump calling $TRUMP the “hottest digital meme on Earth.” This subtle nod confirmed the former president’s backing, sparking even more interest.
High-stakes traders joined the action, with multi-million-dollar transactions becoming the norm. One trader, who initially invested $308,800 in $TRUMP, now sits on an unrealized gain of $34.9 million, showcasing just how wild this market has become.
The excitement hit a speed bump when $TRUMP lost 60% of its value in just 30 minutes. The reason? The launch of MELANIA, a rival memecoin tied to Melania Trump.
Many investors swapped their $TRUMP holdings for MELANIA, hoping to ride another wave. It seems the grass looked greener on the other side.
While the rise and fall of $TRUMP have been jaw-dropping, it’s a stark reminder that what goes up must come down. This market is as volatile as a rodeo bull, so managing risk is key. Whether $TRUMP will recover or be overshadowed by MELANIA remains to be seen.
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We started seeing a large ratio of buyers to sellers after 12:00 AM ET. Over the last 24 hours, there have now been ~38,500 seller for every ~13,300 buyers. That's effectively ~3 sellers for every buyer in this market. $1.1 billion of buy volume for $850 million of sales.
Interestingly, since the launch 36 hours ago, Donald Trump has been quiet. In fact, his only post on X was a repost of his son, Eric Trump. The post calls $TRUMP the "hottest digital meme on Earth." At this point we have confirmation Trump is backing the coin, but that's it.
