US President Donald Trump's meme coin TRUMP has experienced extreme volatility, surging 10.2% to a high of $3.06 before retracing to $2.7 amid panic exits. According to AMBCrypto, this latest surge was initially driven by investors being tricked to believe the recently launched GOLD was TRUMP 2.0, but sentiment flipped shortly after the team behind GOLD was accused of rug pull. The token is currently trading between $2.16 and $2.7, with the Supertrend indicator showing mixed signals as it flipped from bullish to bearish and back again, indicating buyer inconsistency in the current sideways range.
The memecoin recorded over $13.57 million in total liquidations, with traders experiencing significant pressure from both long and short positions. As per AMBCrypto, traders who took long positions saw over $8.4 million in liquidations, while over $5.1 million worth of shorts were liquidated. According to Coinglass data, TRUMP recorded $1.44 billion in futures outflows compared to $1.38 billion in inflows, with Futures Netflow dropping 5614% to -$68 million. The Open Interest dropped 6.4% to $279 million while Derivatives Volume rose 23% to $3.3 billion, indicating most traders exited their positions amid the volatility.
US President Donald Trump's meme coin TRUMP has distributed $1 million worth of tokens to 10 American businesses through the America First Business Challenge. According to reports from CoinDesk, the competition ran for nearly 3 months and was announced in April at the President's Mar-a-Lago crypto conferences. The challenge received applications from around 616 businesses, with 36 being approved for participation. The grant distribution includes one award of $250,000, six awards of $100,000, and three awards of $50,000.
According to AMBCrypto, TRUMP is set to make its first conference appearance at Korea Blockchain Week, marking a significant expansion of the token's market reach. This move will offer TRUMP exposure to the Asian market, which has historically driven memecoins like Moo Deng in the past. The debut could supplement TRUMP's trading volume across both Futures and Spot markets, with trading activity rising from neutral to heating according to the Futures Volume Bubble Map for August. Notably, whales are leveraging the memecoin through Futures markets rather than buying spot products, with average order sizes showing big whale positions and 10x, 25x, and 50x leveraged long orders positioned between $2.44 and $2.77.
Despite the recent volatility, TRUMP's technical indicators suggest the bullish structure remains intact. According to AMBCrypto, the Relative Strength Index (RSI) has remained elevated at 73, with the token holding above both short term and long term moving averages. If the current momentum is maintained, the memecoin may reclaim $3 and eye to flip $3.6 resistance. However, if pressure persists, the token will breach $2.7 with $2.2 as the next support level. The token's price chart shows it remains 96.3% below its January 2025 peak, having touched an all-time low of $1.37 on August 13.
