TRUMP Token Set for $54 Surge as ETF Speculation Sparks Market Volatility
- The TRUMP meme coin has surged 20% to $41, driven by a bullish technical breakout and fresh ETF filings, with analysts predicting a potential target of $54.
- Growing institutional interest, airdrop events, and Donald Trump’s comments have fueled market volatility and investor engagement.
The Trump meme coin has garnered significant attention from the crypto community. At the time of writing, the digital asset showcased renewed vigor. This comes after it recorded an 8.81% surge, stopping at $41.73.
Concurrently, this price movement comes amid the announcement of new filings for a Trump ETF with the U.S. Securities and Exchange Commission. Additionally, the digital asset is already experiencing bullish technical patterns, growing market interest, and speculation surrounding the new ETF has created heightened volatility for TRUMP.
This has led to market participants speculating that with the current conditions the digital asset could rally all the way to the %54 mark.
As earlier reported, Ali Martinez highlighted a bullish technical pattern via the x platform. According to Ali Martinez, the TRUMP token has broken out of the falling wedge pattern. Additionally, the market guru took the stage proposing a very bullish target stating that the digital asset can potentially surge to $54.
In the same vein, this significant price surge has ignited optimism in the market. According to data from Coinglass, the TRUMP futures open interest has spiked by 14%, surpassing $1 billion, signaling strong bullish sentiment among traders. The surge in futures contracts has been accompanied by $24 million in 24-hour liquidations, with a significant portion—$14 million, coming from short liquidations.
Additionally, Data from Santiment has revealed that TFRUMP remains one of the top trending coins in the crypto space. Majorly, its popularity has been bolstered by its airdrop events. Recently, the crypto space witnessed a $1 million distribution of TRUMP tokens, further fueling excitement and engagement within the crypto community.
TRUMP Price Surge Amid ETF Filings
The TRUMP price surge has been closely tied to the recent developments surrounding the digital asset. Having that the Exchange Traded Funds Space has grown into significant importance, On Tuesday, REX Financial and Osprey Funds submitted fillings with the U.S SEC for a potential TRUMP ETF.
This submission came just days after the official launch of the meme coin, further adding fuel to the speculation that the coin could have a legitimate financial product tied to it in the form of an ETF.
REX Financial’s filings also included plans for ETFs based on other popular meme coins, such as Dogecoin and BONK.
Donald Trump Comments Stir Volatility
President Donald Trump’s comments regarding the TRUMP coin have added a layer of volatility to the already turbulent market. During a press briefing, Trump acknowledged the coin’s success, noting, “I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.” His remarks sparked immediate market reactions, with TRUMP’s price plummeting by 33% just minutes after his comments.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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