Trump's Memecoin Soars 50% as Whales Buy to Secure Donald Trump's Dinner

Trump memecoin is up by 32% in 24 hours as whales accumulate to secure dinner with Donald Trump.

• Trump memecoin surges by 32% in 24 hours

• Whales buy Trump memecoin to secure dinner with the president

Trump memecoin Soars amid Whale accumulation

Over the past 24 hours, Official Trump [TRUMP] surged to hit a one-month high of $16.03.

In fact, at press time, Trump was trading at $12.26 after rising by 32.61% in 24 hours. On weekly charts, the memecoin is up by a whopping 57%.

The recent uptick in Trump's memecoin reflects growing demand for the memecoin. The question is what's driving this demand? As per our analysis, the U.S. president caused increased speculation in the market after inviting large holders for dinner.

Therefore, large holders or whales turned to accumulation to secure the spot for a dinner with the president. As reported by Lookonchain, whales have turned to buying Trump.  According to Lookonchain, one whale woke up after 5 months of inactivity, withdrew 1.5 million USDC from Binance, and bought 123.228 Trump coins to secure a dinner.

Another Whale who is a long-time liquidity provider removed liquidity from 2 wallets receiving $2.76 million worth of Trump memecoin and $2.76 million worth of Solana.

The increased buying activity following the news of a Trump dinner has created market speculation with investors getting into the market to scoop the memecoin.

Can Trump Memecoin Sustain the Gains

According to EMCrypto insights, Trump memecoin is experiencing strong upward momentum amidst growing speculative demand.

Looking at the Directional momentum index, the +DI has spiked from 20 to 47 within 2 days while the -DI remains at 30 without significant upside movement. Such an upswing here reflects strengthening upward momentum and potential for continuation.

source: Tradingview

Based on recent market conditions, if buyers can maintain the momentum, Trump can hold strongly around the $16 resistance level.

For the recent bullish outlook to hold, the memecoin needs to reclaim $15. However, if buyers disappear as soon as they have appeared, Trump risks a drop again below $10 towards $8 where there's critical support.