Remember the ***** meme coin that soared to over $5 billion market value immediately after President Donald ***** took his oath? Well, it’s currently on a downtrend. It’s trading slightly above $17, down nearly 18% from its previous day’s close.
The token’s latest price action came when President ***** took matters into his own hands and shared a post about the token on Truth Social.
On its weekly chart, ***** is down 35% and 70% from its all-time high, suggesting a bleak outlook for its holders and investors.
It’s Going Down For ***** Holders
The broader crypto industry is in the red right now, led by Bitcoin, which has dropped to $95k. Other cryptocurrencies are suffering in the current market, but the $***** token gets special mention for its unique circumstances.
It was reported that the token’s crash happened right after the President shared a post on his Truth Social account. Also, his administration has been fending off criticisms after announcing the new tariff policy.
Immediately after the post went public, *****’s price dipped by more than 13%, dropping below $20. The token enjoyed a huge run two weeks ago, hitting an all-time high of $73.43. Also, data suggests that trading volume for the asset has increased by 65%, valued at $3.4 billion, as holders move to sell.
***** Is Highly Volatile, Holders Contemplate Next Move
After hitting a low of $18.75, the token made a few gains to trade above $21. However, it is back at the $17 level, suggesting that it’s currently highly volatile and testing the patience of most traders and holders.
According to Coinglass’ derivatives data, *****’s open interest has decreased by over 13% to $720 million, while 24-hour liquidations have increased to over $15 million, with long liquidations totaling $11 million.
For many experienced traders, the token’s brief dip below $20 is a buying opportunity. Captain Faibik, a popular crypto analyst, has joined the conversations suggesting to “buy the dip.” According to Faibik, the token’s falling wedge is still active, and he expects a strong recovery from it.
Buying the $***** dip!
Falling wedge is still in play, expecting a strong bounce back..#Crypto #***** #TRUMPUSDT pic.twitter.com/s1juQeskgY
— Captain Faibik
(@CryptoFaibik) February 2, 2025
A ***** Pump And A Possible Bounce Back?
In crypto, the falling wedge often indicates a potential price breakout. Many $***** holders are using this chart to argue that a surge for this token is happening soon.
Crypto expert Edward Morra also shared his thoughts, saying that the token has recovered from the $20 level and predicted it’s now on the way up. He admitted that $***** went deeper than expected, but he shared that he bought the dip and is now looking at its bullish potential.
Over at Truth Social, President ***** shared a post in support of his token, an obvious ploy on marketing. However, many observers criticized this move from the president, saying that the “pump” may soon lead to a “dump”.
Featured image from Pexels, chart from TradingView