There's a post going around saying that
$TRUMP has dropped almost 40x, and is about to hit 80x. I took a look at the data, and they weren't exaggerating.
$TRUMP peaked at $73 in January this year, and now it's at $2.05, a whopping 97% drop. A meme coin released by a sitting president, falling 97% from its ATH is a story that would be considered outrageous in any financial history book.
Today, it did bounce a bit, moving from a low of $1.95 to $2.05, which is a 7% increase. I checked the hourly candles, and it was hovering around $1.95 early in the morning, then shot up around 9 AM with a significant volume spike, hitting a peak hourly transaction of $6.25 million. However, overall volume is still down significantly, only about one-fifth of the 30-day daily average, indicating that big money isn't really moving.
The funding rate is nearly zero, and both bulls and bears are pretty passive. Looking at the circulation structure, it’s even more disheartening; there are a total of 1 billion tokens, but only 237 million are currently in circulation, with 76% set to gradually unlock over the next few years. That ATH of $73 is going to be tough to hit again, even if a bull market returns.
I think the lifespan of this political meme coin is inherently short; once the hype fades, we're looking at a long, slow decline. Today's move seems more like a dead cat bounce rather than a trend reversal. I’m not willing to chase it at this level; I'll wait to see if it can hold near $1.90 before making any moves.
#TRUMP #PolitiFi #MemeCoin