Social engagement around the Trump meme coin is showing significant growth. Does this affect its price dynamics?
Social Activity and Its Impact on Price
According to LunarCrush, there has been a noteworthy surge in positive sentiment towards the Trump meme coin in the last 24 hours. This has been accompanied by an increase in the number of posts about the meme coin. A recent statement by the President describing it as "the greatest of them all" has also influenced the discussion. Increased social activity can directly impact the coin's price movement.
Price Dynamics of Trump Meme Coin
Over the last two weeks, the Trump meme coin's price has remained flat, but MFI and RSI indicators show a return of positive liquidity flows, indicating a potential trend shift. At the time of writing, the meme coin is trading at $11.89, up by 9.39% in the last 24 hours. However, significant volatility persists, which could be a reaction to rising social engagement. The question is whether the meme coin can build up enough momentum for a significant move.
Demand on Spot and Derivatives Markets
Over the last 24 hours, open interest surged by 25.36% to $367.69 million, and daily volume increased by 320.24%. Activity in the spot market was also notable, with inflows of $11.47 million — the third-highest level observed this month. However, significant whale activity and short-term profit-taking may pose a risk to the coin’s price increase. The polarized political climate may assess the President's influence on the market, which was previously significant.
The rise in social activity around the Trump meme coin shows potential for price revitalization. However, short-term profit-taking and political factors may limit this upward movement.
