Unexpected Boost: Trump-Themed Memes in the Crypto World
An assassination attempt on Donald Trump has become a hot topic not just in the media but also in the crypto world. Following this failed attempt, Bitcoin suddenly broke through resistance and surged past $60k. Additionally, Trump-themed meme coins saw a significant pump. Let’s take a look at the coins that got an unexpected boost.
Bitcoin Surged After Falling
Bitcoin had been on a downward trend since reaching $72k on June 7. It recently experienced a bounce back from the $59,500 support level but struggled against the $63,000 resistance. Negative sentiment among traders and investors, both market-related and non-market factors, had an impact on both Bitcoin as well as altcoins. Bitcoin managed to touch $59,900 after an extended period of time. The $59-60k range had been a challenging resistance area, and despite multiple attempts, Bitcoin could not break through.
Bitcoin Technical Analysis Post Assassination Attempt
After the failed assassination attempt on Trump, Bitcoin experienced a boost and successfully broke the $60k resistance, reaching $63k. However, it is currently stuck in this zone, which has historically been a strong resistance area. Furthermore, the 20 MA has crossed above the 50 and 100 MA indicators.
Price Volatility and Potential Correction
The Bollinger Bands are displaying a wide zone, indicating high price volatility. This sudden surge could be temporary, posing a potential drop in price in the near future. The RSI stands at 76.91, suggesting that Bitcoin is overbought and might require a corrective move.
Trump-Themed Meme Coins Surging
MAGA Meme Coin
Following the failed attack on Trump, the MAGA meme coin, also known as TRUMP, witnessed a notable 68.38% increase, rising from $6.17 to $10.37. Its ranking on CoinMarketCap rose by seven positions to 219th. Currently, MAGA is trading at $8.00.
Super Trump Coin
The Super Trump Coin experienced a 28.64% rise over the past week, now trading at $0.01067 with a market cap of $24.9M. The coin saw a 38.87% spike in response to the assassination attempt.
Donald Tremp
A meme token on Solana, Donald Tremp, recorded a significant surge of 121.54%, reaching $0.85. The number of Tremp holders increased to 35,000. It is currently trading at $0.4447 with a market cap of $44.2M.
Insights on the Surge
Despite the surge in these meme coins alongside Bitcoin, they all faced downward pressure. Bitcoin remains the only asset still on an upward trajectory, showcasing the strength of its fundamentals. However, investors can still explore opportunities with meme coins given their high volatility. With caution and thorough research, investors can capitalize on these tokens.
Hot Take: Opportunities in Volatile Markets
While the failed attempt on Trump sparked a sudden surge in crypto markets, the current scenario is witnessing a degree of volatility. Despite the fluctuations, this environment also presents opportunities for investors to make informed decisions and potentially benefit from unexpected movements. By staying vigilant and monitoring market trends, investors can navigate through volatile periods and capitalize on the ever-evolving crypto landscape.
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