The meme coin named Official Trump (TRUMP), which operates on the Solana blockchain, has experienced a significant surge of almost 30% in value within the last 24 hours, making it the top gainer in the cryptocurrency market today.
This increase in value follows a noteworthy development where the President of the United States announced that he would be hosting an exclusive "gala dinner" for the top 220 holders of the TRUMP token, resulting in a renewed interest from investors.
The TRUMP token, inspired by former President Donald Trump, saw a remarkable 29% surge in value in the past day, with the surge related to news about the token holders' opportunity to attend a private gala dinner with the president on May 22. This event has been marketed as the "most EXCLUSIVE INVITATION in the world" on the project’s official website.
Since this announcement, there has been a significant shift in market sentiment towards the TRUMP token. Trading volume has soared by more than 500%, hitting $5.11 billion, marking the highest trading volume in a day since February 14 for the meme coin.
When both the price and trading volume of an asset surge together, it signals robust market interest and increasing momentum behind the price movement. This indicates the entry of new investors into the TRUMP market, sustaining the current upward trend.
The Parabolic Stop and Reverse (SAR) indicator for TRUMP on the daily chart supports this positive market sentiment. Currently, the SAR dots are positioned beneath TRUMP’s price, serving as dynamic support at $7.85.
The Parabolic SAR indicator shows potential trend direction and reversals in an asset’s movement. A placement of dots under the asset’s price signifies an upward trend, confirming the ongoing rally for TRUMP and suggesting prospects of continued growth in the near future.
TRUMP is currently trading at $11.82. If bullish momentum continues and demand strengthens before the private gala dinner, the meme coin may extend its rally and reach $22.14. Conversely, a resumption of profit-taking could lead to a decline in TRUMP’s recent gains, potentially dropping the value down to $7.14.