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Donald Trump’s ‘Official’ Solana Memecoin Surges by 6,600%, Here’s What You Need to Know
In a shocking turn of events, the ‘official’ Solana memecoin associated with Donald Trump has seen its value skyrocket by an astonishing 6,600% in a matter of hours. The sudden surge in value has left many investors and analysts scratching their heads.
The token, dubbed TRUMP, was launched on the Solana blockchain and has been making waves in the cryptocurrency market. According to recent reports, the token hit a staggering market capitalization of $1 billion within its first hour of launch.
At its peak, the token rallied by an eye-watering 6,695%, pushing its market cap to a whopping $12.52 billion. However, AMBCrypto’s analysis suggests that the token may soon experience a brief accumulation phase before resuming its upward trajectory.
One of the primary drivers behind TRUMP’s meteoric rise is reportedly whale buying activity. According to Lookonchain data, an anonymous address purchased 5.97 million TRUMP tokens for $1.1 million shortly after launch and has since sold only 1.35 million tokens valued at $3.65 million, retaining a profit of approximately $67.5 million.
This kind of whale behavior suggests that there is still significant buying pressure supporting the token’s value, which could potentially lead to further price hikes in the coming trading days, provided the fundamental factors underpinning TRUMP remain intact.
It remains to be seen whether the token will continue its remarkable upward trend or if it will experience a short-term pullback. Nevertheless, one thing is clear: the market is abuzz with excitement over this extraordinary event.
Stay tuned for further updates on this developing story as more information becomes available.
About the author:
Olayiwola Dolapo lost his DOGE tokens due to a limited understanding of blockchain technology and vowed to understand its vast potential. He now serves as a dedicated writer, using his skills in technical analysis and on-chain tools to highlight emerging opportunities in the space.
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Source: ambcrypto.com
