What Next for $TRUMP Price?
Justin Sun, a prominent figure in the blockchain and web3 space, has made a strategic investment in a memecoin called Official Trump ($TRUMP), which is backed by former President Donald Trump. Sun, who is the founder of Tron (TRX), has announced plans to purchase $100 million worth of $TRUMP tokens in the near future.
This investment comes after the Official Trump memecoin team decided to integrate $TRUMP into the Tron blockchain through the LayerZero chain. According to Sun, this significant investment demonstrates Tron’s commitment to collaborating with dynamic crypto communities.
In a tweet, Sun stated, “We are committed to buying $100M of $TRUMP! Together, $TRUMP and #TRON are the future of Crypto. This move highlights our belief in collaborating across ecosystems to grow the crypto landscape with communities such as @GetTrumpMemes. $TRUMP on #TRON is the currency of #MAGA!”
The $TRUMP memecoin currently has a market cap of approximately $1.8 billion and a fully diluted valuation of around $9 billion. Following Sun’s announcement, the price of $TRUMP surged by 5 percent to reach $9.01 during the mid-North American trading session.
This price increase coincided with a rally in the price of Bitcoin (BTC) towards a new all-time high of approximately $112,000. With BTC showing strength, $TRUMP is poised for a potential bullish breakout in the coming weeks.
Technical analysis of the $TRUMP price reveals a double bottom formation and bullish divergence on the daily Relative Strength Index (RSI). The memecoin has also retested a recent breakout from a falling logarithmic trend, indicating the potential for a parabolic rally towards its previous all-time high.
In conclusion, Justin Sun’s investment in Official Trump memecoin has generated excitement in the crypto community. With the integration of $TRUMP into the Tron blockchain and positive price momentum, the future looks promising for this memecoin. Stay tuned for more updates on $TRUMP and its potential for further growth in the crypto landscape.
