"Donald Trump Promotes TRUMP Coin, Price Rises Sharply But Whales Still Lose Hundreds of Thousands"

TRUMP, the memecoin issued by United States President Donald Trump, has seen its price soar after the President promoted it on his Truth Social platform. In a post on March 23, Trump praised this cryptocurrency as "TRULY AMAZING" and "the greatest of them all." This is the first time he has publicly acknowledged this cryptocurrency since January, immediately sparking new interest across the cryptocurrency market.

Immediately after the post, the token price surged from 10.93 dollars to 12.25 dollars - an increase of about 12% - before stabilizing at around 11.91 dollars. The Derivative Tools Surge, But Whales Are Also Affected Meanwhile, the excitement spreads far beyond the spot market. Data from Coinglass shows that the derivative trading volume of TRUMP surged by 373.30% to $2.61 billion, marking the highest level in several weeks. At the same time, the open interest in TRUMP futures contracts increased by 25.25%, reaching $370.68 million. This sudden spike highlights the new speculation surrounding the token. While some traders try to seize the opportunity, not everyone succeeds. The blockchain analysis platform Lookonchain reports that a famous whale, who previously earned about 108 million dollars from initial investments in TRUMP, lost 207,000 dollars in just one hour. After spending 5 million USD to buy in when the price rose, this trader sold the tokens right after Trump's post, resulting in a loss of up to six figures. This mistake is completely opposite to the previous success of this whale—he invested $1.09 million to buy 5.97 million TRUMP tokens, which helped him achieve one of the most profitable memecoin trades recently. Interest in memecoin is declining Trump's promotion of memecoin has elicited various reactions from members of the cryptocurrency community, who point out that interest in this sector is waning. Cryptocurrency analyst Nishant Bhardwaj stated: "Donald Trump, who can be considered the most influential figure in the world, just posted about $TRUMP, and the meme token still cannot break its 4H resistance level. If that doesn't show how weak this market is, I don't know what could." The launch of the TRUMP token in January has sparked a similar wave of launches related to public figures and governments, many of which have faced backlash for exploiting hype and lacking transparency. As a result, public interest in memecoin has significantly declined as investors increasingly shift towards more solid cryptocurrency projects like Bitcoin.