The TRUMP coin price is once again making waves in the cryptocurrency space, not just due to its impressive performance but because of one of its top holders.
During a period when the overall crypto market is experiencing an upward rally and Bitcoin (BTC) is approaching a new all-time high, Justin Sun—the billionaire founder of Tron (TRX) and HTX—made a bold announcement.
Justin Sun Announces $100M Investment in TRUMP Coin
In his recent post on X, Sun shared that he and his company are committed to buying a significant $100 million worth of the TRUMP meme coin. He also added, “TRUMP and TRON are the future of crypto.”
He continued, “This move highlights our belief in collaborating across ecosystems to grow the crypto landscape with communities such as GetTrumpMemes. TRUMP on TRON is the currency of MAGA.”
This post by the Tron founder gained widespread attention from crypto enthusiasts and spread like wildfire. So far, it has garnered over 233.1K views on X.
Justin Sun’s $100 million plan for TRUMP was acknowledged by the official TRUMP X handle. In a post, TrumpMeme shared, “We are so excited that justinsuntron / trondao is buying $100 million worth of TRUMP.”
This post also gained widespread attention and went viral on X, amassing 307.8K views in just a few hours.
Also Read: Altseason Incoming? Bitcoin Dominance Drops Below 64%
TRUMP Coin Price After Justin Sun’s Recent Post
These posts on X appear to be a beneficial catalyst for the TRUMP coin price, as it has skyrocketed along with increased participation from traders and investors.
At press time, the meme coin was trading near $9.17 and had recorded a price surge of over 8.10% in the past 24 hours. During the same period, its trading volume also skyrocketed by a massive 200% compared to the previous day.
This surge in trading volume, along with the price increase, suggests strong upside momentum and sustainable gains, which appear to be a strong bullish signal for TRUMP coin holders.
TRUMP Price Action and Technical Analysis
According to expert technical analysis, this substantial jump in the TRUMP coin price has ended its prolonged consolidation near the key support level of $8.50.
Additionally, one factor that garnered the attention of investors and traders before this rally was a bullish divergence on the daily chart, which played out impressively.
Based on recent price action and historical patterns, if this momentum continues, there is a strong possibility that the TRUMP coin price could see another 20% upside move, potentially reaching the $10.60 level.
On the other hand, if the momentum fades, price consolidation or sideways movement could also be possible.
Investors Dump $10 Million Worth of TRUMP Coin
Given the current market sentiment, investors and long-term holders seem to be taking this opportunity to dump TRUMP coins, as reported by the on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that, following the announcement, exchanges recorded an inflow of $9.91 million worth of TRUMP coins.
Such a substantial inflow in this market structure suggests potential distribution and could lead to selling pressure or a price correction.
