- TRUMP’s price hiked by 8.42% in the last 24 hours, even though the wider market fell
- Trading volumes hinted at a hike in activity, indicating strong interest from investors
The crypto market is struggling, and big coins like Bitcoin and Ethereum are going down. However, TRUMP, a memecoin on the Solana network by U.S President Donald Trump, is doing the opposite.
Consider this – Its price climbed by 8.42% in the last 24 hours, making it one of the few altcoins going up. At press time, the memecoin was priced at $11.68, with a total value of $2.33 billion. Across the aforementioned period, market participants traded $1.29 billion worth of the memecoin.
TRUMP’s surge and on-chain insights
Most cryptos are falling, but TRUMP is rising. Hence, investors are buying it more than the others right now.
One possible reason is community support, as memecoins often thrive on social media hype. TRUMP’s connection to the 47th American President might be getting people interested once again. Epecially as he continues to make major favorable policies that concern the crypto market..
Another reason could be that traders are moving money from big coins like Bitcoin and Ethereum to smaller, riskier ones, hoping to make quick profits. On top of that, some investors might just be simply gambling that TRUMP’s price will go up fast.
Source: IntoTheBlock
On-chain data from IntoTheBlock revealed that over the past month, a surge in large transactions occured amid TRUMP’s notable recent price hike. The highest number of large transactions occurred on 20 January 2025, with 65 major transfers recorded.
The memecoin’s price peaked at $4.00 at the time, showing a clear correlation between transaction spikes and price movement.
Additionally, CoinGlass data revealed that Open Interest in TRUMP Futures increased by 12.74%, climbing to $332.7 million – A sign of growing confidence among traders.
Source: Coinglass
Trading volumes and market comparison
TRUMP’s $1.29 billion press time trading volume is a sign of strong market activity. However, its surge is not part of a broader memecoin rally. Dogecoin (DOGE) dropped by 41%, causing $4.54 billion in liquidations, while DOGINME, another memecoin surged by 162% after an exchange listing.
This means that the memecoin’s movement is unique, likely driven by speculation, community hype, and large transactions rather than an industry-wide trend.
Simply put, TRUMP’s 8.42% gains stand out in an otherwise bearish market. Big trades and heavy buying and selling mean that a lot of people are involved with TRUMP right now.
