Is the Official TRUMP meme coin on the verge of a bullish breakout? Recent data reveals that social activity around it has been on the rise and it may also have something to do with social activity around President Trump.
According to recent social data from LunarCrush, there was a noteworthy surge in TRUMP meme coin sentiment in the last 24 hours.
This was accompanied by a significant uptick in the number of posts about the meme coin.
This surge in social activity in the TRUMP meme coin may also have been linked to one of President Trump’s recent post.
The president went as far as to describe it as “the greatest of them all.”
TRUMP Meme Coin Price Recap
The recent surge in the meme coin’s social activity could potentially breathe new life into its price action.
TRUMP meme coin’s price action has been relatively flat so far this month.
Price leveled out in the last 2 weeks, signaling that the meme coin had exhausted its sell pressure.
However, Its MFI and RSI indicators registered considerable upside, indicating the return of positive liquidity flows.
The meme coin exchanged hands at $11.89 at press time, a 9.39 rise during the last 24 hours. It is worth noting that its price had a sizable surge in volatility during the same period.
The outcome could be a direct reaction to the rising social engagement. But could it possibly build up enough momentum for a bullish or bearish move?
Spot and Derivatives Metrics Signal Demand Surge
The coin had a 25.36% surge in open interest to $367.69 million in the last 24 hours. This was also accompanied by a 320.24% uptick in daily volume during the same period.
There was also a surge in activity in the spot market. It had $11.47 million in spot inflows in the last 24 hours.
This was the third highest daily spot flows observed since the start of the month.
Whale activity was also quite significant but the net flows were negative as traders took advantage of short term profits.
This poses a threat to TRUMP meme coin’s potential for a sizable rally. A rally this week could be on the cards if the meme coin’s social activity continues to rise, potentially leading to more demand.
However, the focus on short term profit-taking could also undermine the meme coin’s potential upside.
The president has previously had a noteworthy influence on the market. But, the highly polarized nature of the recent political situation in the west, could be a chance to measure whether that influence is still active.
The post Trump Meme Coin: Social Engagement Rises, Can Price Follow Through? appeared first on The Coin Republic.
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