Official Trump ($TRUMP), the celebrity token and meme coin launched by the President in late January, is the only meme coin performing negatively in the past 24 hours within the top 10 in this segment.
During this period, the price of $TRUMP has retreated by 1.75% while the aggregated value of meme coins is advancing by 3% to $73.9 billion as the market recovers from this weekend’s sharp drop.
In contrast, Dogecoin (DOGE), Pepe (PEPE), and Bonk (BONK) are delivering gains of 7.5%, 9.2%, and 10.5% during this same period.
Trading volumes currently account for 84% of the token’s market cap while still only 200 million $TRUMP tokens are in circulation as the first batch of insider tokens has not yet been released to the market.
The token is currently trading 76.5% below its all-time high of $75.35 per coin back on January 19 – a day before the President’s inauguration day. At that point, the market cap surged to a record high of $14.6 billion.
$TRUMP Bounces Off Key Support – Can It Surge to $20?
This divergence between the performance of $TRUMP and that of the overall market is not good news as it means that the selling pressure is significant.
The President’s controversial measure to raise tariffs on imported goods from Mexico and Canada this past week may have affected his reputation and could be one of the reasons why the asset is performing so poorly lately.
Trump’s sharp downtrend pushed the price of the asset to its lowest level since it was officially launched during the Sunday rout. However, the token has bounced off a support area and a double-bottom pattern seems to be unfolding.
The Relative Strength Index (RSI) has confirmed a bullish short-term outlook in the hourly chart as it moved above the signal line, while negative readings on the MACD’s histogram have been progressively dropping and getting closer to the zero line.
The first target for $TRUMP would be to recapture the $20 level. However, that would demand a 17.7% jump from current levels.
Although the token seems to be lagging behind its peers in the 24-hour window, it has been up in the past 4 hours, so this session could result in a move toward that area if bullish sentiment spills over to the American session.
Trump’s performance may have disappointed investors this year, but this Pepe the Frog meme coin and utility token for the Solana network will not. Its presale event is already gearing up to become one of the best ICOs of the year, and its name is Solaxy.
Solaxy ($SOLX) Helps Solana Deal with $TRUMP-like Network Congestion
Solaxy ($SOLX) is a layer-two scaling solution for the Solana blockchain that helps it get rid of the congestion issues caused by successful meme coin launches like $TRUMP and the rising popularity of its decentralized finance (DeFi) ecosystem.
To achieve this, Solaxy bundles transactions offline before sending them to the mainnet to avoid errors and delays. Last year, Pepe Unchained ($PEPU), another L2 for Ethereum scaling, successfully launched its native assets and presale investors saw the value of their tokens rise by over 700%.
Less than two months after its launch, Solaxy has already raised $17.8 million. On top of the upside potential that its native token offers, investors who stake their $SOLX to secure the network can earn rewards of 226% annually that will be distributed after the claim date.
Analysts argue that Solana desperately needs a project like Solaxy to ensure that the network can continue to thrive now that its ecosystem is expanding rapidly and could surpass the size of Ethereum in a few years.
To buy $SOLX, head to the Solaxy website and connect your wallet. You can either swap BNB, USDT, or ETH tokens or use a bank card to complete your purchase.
