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Official Trump token ($TRUMP) a meme coin by US President Donald Trump through his Truth Social account, has suffered a huge loss, declining over 64% in the past two weeks.
At its peak, this meme token had traded for over $70; it currently sells at $17, prompting some investors to worry about what will happen to this token moving forward. Is Trump coin dead?
This last week, the broader cryptocurrency market saw a slide of 5%, while the $TRUMP was down 41%. Not even the relatively modest 3.3% gain in the overall crypto market over the past 24 hours could halt $TRUMP's downward slide that took it lower by another 2.6%.
This price decline is rather sharp and goes along with declining trading volume. Over the past 24 hours, $TRUMP's trading volume fell 37.6% to approximately $3.06 billion, which is an indicator of lesser investor interest.
$TRUMP's market capitalization shrunk to $3.5 billion on Feb. 4, which declined sharply from the peak of $9.65 billion on Jan. 22.
A deeper price analysis suggests further downside risks for $TRUMP, with almost all technical indicators presenting a "Strong Sell" signal.
Moving averages also suggests a bearish sentiment. The summary of Moving Averages puts a "Sell" signal when eight sell indicators turn out, and there are four buy signals. Short-period moving averages MA5, MA10 still put up buying indications but, from MA20 onwards, all the mid-to-long-term moving averages (MA20, MA50, MA100, MA200) flash the sell signals.
Despite the overwhelming bearish technical outlook, a corrective structure is forming at key support levels around $16.55, indicating that $TRUMP may be entering a temporary consolidation phase before a potential bounce.
While $TRUMP and other meme coins are struggling to bounce back, one project is defying the trend: Meme Index ($MEMEX).
This decentralized meme coin index platform is making waves amidst the sea of uncertainty in the general market, having just broken the $3.3 million mark in its presale.
Meme Index differs from its peers in the way it offers meme coin investing, as users can spread their risk across curated baskets instead of betting the farm on a single token. This helps in reducing volatility, appealing to investors who want to be exposed to the unpredictable meme coin market in a more balanced way.
Four categories of investments are available on the platform. Established meme coins such as $DOGE), $SHIB, and even $TRUMP are part of the Titan Index, targeting stable investors. The Moonshot Index targets mid-range tokens, and the Midcap Index includes emerging projects that happen to target the risk-tolerant investor. The Frenzy Index, finally, focuses more on the high-risk, high-reward meme coins.
At the heart of this system lies $MEMEX, the governance and staking token that will unlock access to these diversified baskets.
Early presale investors will be able to buy $MEMEX at a price of $0.0158443; the price, however, will increase as presale continues.
$MEMEX holders can utilize staking facilities with APYs of over 600%. To date, more than 146.5 million $MEMEX tokens have been staked.
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