TRUMP plummets 32% from April highs as President Trump denies profiting from the meme coin
- TRUMP meme coin slashes gains after rejection from its April peak at $16.44.
- President Trump has denied claims that he could be profiting from the meme coin launched before his inauguration.
- Top 220 TRUMP holders have been invited to a dinner at the TRUMP National Club in Washington, D.C.
- TRUMP meme coin’s technical structure signals potential declines below support at $10.00.
The Official Trump (TRUMP) meme coin struggles to hold above critical support at $10.00 while exchanging hands at $11.12 at the time of writing on Monday. Despite a slight increase on the day, the meme coin appears weighed down by sell-side pressure, possibly due to profit-taking.
TRUMP is down approximately 32% from its April peak of $16.44. Meanwhile, in a recent interview with NBC News, United States (US) President Donald Trump refuted claims that he is profiting from the meme token.
President Trump refutes claims of profiting from the meme coin
President Trump denied allegations of profiting from TRUMP, a meme coin launched days before his inauguration, during an interview with NBC News’ “Meet the Press” moderator Kristen Welker on Sunday.
“I’m not profiting from anything,” President Trump said before adding, “if I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
The interview comes at the height of heated discussions on Trump’s first 100 days in office. Questions have been raised regarding the President’s involvement in cryptocurrency projects, especially through companies linked to his family.
Despite the allegations, no public blockchain data or financial disclosures have directly linked President Trump to the token’s profits. However, according to a Chainalysis report, the TRUMP meme coin earned roughly $900,000 in fees for its backers in just two days.
The top 220 holders of the TRUMP token have been invited to attend a dinner on May 22 at the TRUMP National Club in Washington, D.C. Following the dinner announcement in April, the meme coin broke out from the tariff shock declines, reaching a monthly peak of $16.44.
TRUMP’s token top 25 holders will be hosted to an “ultra-exclusive private VIP reception” with the President, followed by a “special tour” of the White House. It is unclear how many of the top 220 TRUMP token holders will attend the dinner, with applications still open and subject to background checks.
The dinner announcement sparked a strong positive reaction, suggesting the event might drive a significant rally in the TRUMP token’s price.
TRUMP token retesting $10 amid price decline
TRUMP token continues to slash its April gains after a rejection from resistance between $16.00 and $17.00. The immediate support at $10.00 is still intact. Still, with sell-side pressure mounting below the 12-hour 50 Exponential Moving Average (EMA) at $11.40 and the 100 EMA at $11.83, bearish momentum could intensify toward the April 7 low around $7.30.
The Relative Strength Index (RSI) indicator’s sharp drop to 42.01 from the oversold level of 84.92 signals a stronger bearish grip. Moreover, movement toward the oversold region could accelerate declines in the short term, as traders could be encouraged to close positions, reducing exposure to TRUMP.
TRUMP/USDT 12-hour chart
On the other hand, support at $10.00 is still intact, and if defended in upcoming sessions, confidence in the recovery could drive demand for the meme coin.
Traders would look for a break above the 50 EMA at $11.40 and the 100 EMA at $11.83 to ascertain the strength of a potential trend reversal. Subsequent closes above these levels and sentiment around the exclusive dinner in Washington D.C. could propel TRUMP towards $20.00.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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