thecryptobasic.com
Interest in TRUMP remains significant despite the meme coin’s steep price decline.
Launched by the 47th president of the United States, Donald Trump, over the weekend, the Solana-based meme coin Official Trump (TRUMP) unsurprisingly enjoyed significant success at launch, with its price quickly hitting highs near $80.
While TRUMP’s price has taken a significant dive since hitting these highs, interest in the token does not appear to be waning.
TRUMP Volumes Edge Out XRP
Interest in TRUMP remains significant despite the meme coin’s 61% price decline from highs of nearly $80 to lows of about $31.
As of the time of writing on Thursday, January 23, TRUMP’s trading volume over the past 24 hours has surpassed that of XRP. Specifically, the meme coin has seen $8.7 billion in trading volume compared to XRP’s $8.3 billion, per CoinMarketCap data.
TRUMP is also not far behind Solana in this regard, with the latter boasting a 24-hour volume of $8.9 billion, just $200 million ahead of the meme coin.
The feat is quite impressive, as XRP has arguably been the breakout star of the crypto rally over the past few months. Anticipated regulatory clarity for the asset under the Donald Trump administration had sent interest soaring.
Meanwhile, the sustained high interest in TRUMP at current prices comes as some analysts have suggested that the recent decline could offer a good buying opportunity. Particularly, analyst Michael van de Poppe believes the token still has potential.
Didn't get to $25-30, but to $31.
After that, another 50% bounce took place.
These things take time, and probably this one will consolidate downwards to that region again.
Great volatility, lots of momentum on $TRUMP and massive trades. https://t.co/BJeWFBZknM
— Michaël van de Poppe (@CryptoMichNL) January 22, 2025
CryptoQuant data released on Wednesday, January 22, suggested that TRUMP had seen a staggering $38 billion in trading volume since its launch on Friday, January 17. Notably, the sustained high trading volume amid recent price struggles is likely attributable to massive sell-offs as momentum cools. Data from Dexscreener shows that sell volume has outpaced buy volume in recent times.