Several Trump-related meme coins experienced a significant resurgence on Friday, following an intriguing announcement made by the President of the United States.
However, the asset lost almost all gains in the following hours, perhaps driven by a blow against Trump from the US Supreme Court.
The Trump Effect or Just a Coincidence?
Official Trump (TRUMP) – the biggest meme coin related to the POTUS – jumped to almost $3.80 on Friday, its highest point since the beginning of February. Its market capitalization neared $900 million, solidifying it as the sixth-largest meme coin.
Other Trump-themed tokens, including Pepe Trump (PTRUMP), Super Trump (STRUMP), and SUI TRUMP (SUITRUMP), also headed north, albeit charting more modest gains.
Their revival coincides with the president’s pledge to direct the Secretary of War and other relevant departments to begin identifying and releasing government files concerning alien and extraterrestrial life. The topic has always fascinated the public, but a recent podcast featuring the former US leader Barack Obama has further amplified attention.
Asked about the existence of aliens, he affirmed they are real but clarified that he has never personally seen any. Moreover, Obama said they are not being kept at the notorious Area 51 “unless there’s this enormous conspiracy and they hid it from the president of the United States.”
It is important to note that Trump’s pledge on that front may not be the only factor fueling a resurgence for the aforementioned meme coins. The broader cryptocurrency market, where Bitcoin (BTC) and many altcoins have seen minor increases over the last 24 hours, could also have played a role.
What’s Next?
Some commentators on X noted TRUMP’s recent pump, suggesting it might have more fuel left for additional gains. The analyst who goes by the moniker Don claimed the meme coin “looks good,” hinting that its price structure signals potential upside to $13.29.
Nonetheless, investors and traders should be extremely cautious when dealing with such assets due to their infamous volatility. TRUMP, which saw the light of day in January last year, initially exploded above $70 only to crash by double digits mere days later.
The asset’s Relative Strength Index (RSI) also indicates a possible correction ahead. The technical analysis tool measures the speed and magnitude of recent price changes and provides traders with an idea of potential reversal points. It ranges from 0 to 100, with ratios around and above 70 suggesting the token is overbought and due for a pullback. On the other hand, anything below 30 is considered a buying opportunity. Currently, the RSI stands just south of the bearish zone.
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