$TRUMP soars above $12 after Trump’s Truth Social post

The official Trump memecoin, $TRUMP, went up more than 10% to $12.25 after Donald Trump shared a post endorsing the token on Truth Social.

According to data from crypto.news, the official Trump (TRUMP) token has crossed over the $12 threshold, bouncing as high as $12.25. At press time, $TRUMP has gone up more than 9% in the past 24 hours. The token is currently trading hands at $11.94. In the past month, the token has experienced a decline, going down by more than 26.4%.

Not only that, the Trump memecoin’s market cap has also gotten a much needed boost after remaining mostly stagnant throughout this month. After Trump’s post, the Solana (SOL)-based memecoin’s market cap went up by 8.3% to $2.37 billion in the past day.

In addition, $TRUMP’s daily trading volume received a boost of more than 375.1%, indicating a rise in market activity since Trump’s Truth Social post.

On March 23, President Trump shared a post on the Truth Social endorsing the token out of nowhere. Truth Social is a social media platform owned by Trump Media & Technology Group that was launched in 2022. President Trump would often use Truth Social as his preferred social media platform to share updates on government policies or his personal views.

This time, he used the platform to express his excitement for the $TRUMP token and how he believed it was the “greatest” token of all time.

“I LOVE $TRUMP — SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!!” wrote Trump in his recent post.

Not long after Trump published his post, the token spiked more than 10%, hitting a high of $12.25. The token had previously been in a slump, only managing to reach around $10 in the days leading up to the spike.

However, the high did not last long. The token retreated below $12 not long after the hype died down. During this decline, a whale lost $207,000 after spending $5 million USDC (USDC) to buy a large chunk of $TRUMP tokens, only to sell them an hour later, according to on-chain data from Lookonchain.

The whale is well-known in the crypto community for making a profit of $108 million in the early days following the Trump token’s launch, when it bought 5.97 million $TRUMP worth $1.09 million USDC.

Last week, Trump delivered a virtual address at Blockworks’ Digital Assets Summit in New York. In his speech, he talked about the importance of stablecoin regulations, the strategic Bitcoin (BTC) reserve, and the negative impact of crypto debanking.