TRUMP Token Tanks 32% After Trump Denies Ties to Meme Coin—’Just Another Crypto Grift’
MAGA-themed cryptocurrency TRUMP nosedives from April peaks as former President Trump publicly disavows any connection—or profit—from the speculative asset.
Market bloodbath follows Trump’s statement distancing himself from the meme coin, leaving bagholders scrambling. The dip coincides with broader crypto volatility—because what’s a week in Web3 without a 30% swing?
Bonus jab: At least this pump-and-dump had the decency to wait until after tax season.
President Trump refutes claims of profiting from the meme coin
President Trump denied allegations of profiting from TRUMP, a meme coin launched days before his inauguration, during an interview with NBC News’ “Meet the Press” moderator Kristen Welker on Sunday.
“I’m not profiting from anything,” President Trump said before adding, “if I own stock in something, and I do a good job, and the stock market goes up, I guess I’m profiting.”
The interview comes at the height of heated discussions on Trump’s first 100 days in office. Questions have been raised regarding the President’s involvement in cryptocurrency projects, especially through companies linked to his family.
Despite the allegations, no public blockchain data or financial disclosures have directly linked President Trump to the token’s profits. However, according to a Chainalysis report, the TRUMP meme coin earned roughly $900,000 in fees for its backers in just two days.
The top 220 holders of the TRUMP token have been invited to attend a dinner on May 22 at the TRUMP National Club in Washington, D.C. Following the dinner announcement in April, the meme coin broke out from the tariff shock declines, reaching a monthly peak of $16.44.
TRUMP’s token top 25 holders will be hosted to an “ultra-exclusive private VIP reception” with the President, followed by a “special tour” of the White House. It is unclear how many of the top 220 TRUMP token holders will attend the dinner, with applications still open and subject to background checks.
The dinner announcement sparked a strong positive reaction, suggesting the event might drive a significant rally in the TRUMP token’s price.
TRUMP token retesting $10 amid price decline
TRUMP token continues to slash its April gains after a rejection from resistance between $16.00 and $17.00. The immediate support at $10.00 is still intact. Still, with sell-side pressure mounting below the 12-hour 50 Exponential Moving Average (EMA) at $11.40 and the 100 EMA at $11.83, bearish momentum could intensify toward the April 7 low around $7.30.
The Relative Strength Index (RSI) indicator’s sharp drop to 42.01 from the oversold level of 84.92 signals a stronger bearish grip. Moreover, movement toward the oversold region could accelerate declines in the short term, as traders could be encouraged to close positions, reducing exposure to TRUMP.
TRUMP/USDT 12-hour chart
On the other hand, support at $10.00 is still intact, and if defended in upcoming sessions, confidence in the recovery could drive demand for the meme coin.
Traders would look for a break above the 50 EMA at $11.40 and the 100 EMA at $11.83 to ascertain the strength of a potential trend reversal. Subsequent closes above these levels and sentiment around the exclusive dinner in Washington D.C. could propel TRUMP towards $20.00.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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