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The Official Trump price went ballistic and soared over 10,880% in the last 24 hours to trade at $10.01 as of 8:24 a.m. EST as degen investors pile into the crypto.

The remarkable surge in the TRUMP price saw the meme coin’s fully diluted market soar to an eye-popping $21 billion within hours of its debut at 2:00 a.m. UTC. 

TRUMP’s impressive performance comes after the token was promoted on the X account of US President-elect Donald Trump. But there are growing fears that the project might be a sophisticated scam.

In the last year, several celebrities have seen their X accounts hacked to promote scam tokens that were deployed on the Solana blockchain through Pump.fun. 

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

— Donald J. Trump (@realDonaldTrump) January 18, 2025

With the inauguration approaching on Monday, investors are fearful that an opportunistic hacker is behind what could be a massive rug pull. Adding to the speculation is the fact that 80% of the crypto’s supply is locked up and the token was created using the Solana-based Pump.fun launchpad.

Official Trump Price Drops Out Of A Bullish Channel

15-minute chart for TRUMP/USD (Source: GeckoTerminal)

The Official Trump price formed a positive price channel after printing a series of higher highs and higher lows on the 15-minute chart over the past 24 hours. However, the crypto recently broke out below the lower boundary of the channel. In the last hour, wicks have also emerged on top of the crypto’s candlesticks, indicating a fair amount of sell pressure.

Should sellers continue to exert pressure on the Official Trump price in the coming couple of hours, the crypto might end up losing the $20.41 support level. A drop below this recently-gained technical safety net could then lead to a drop to the next support at $17.34. An extremely bearish scenario might even lead to TRUMP falling to as low as $13.57.

On the other hand, the Official Trump price closing a 15-minute candle above $20.41 mark within the next hour or two could be followed by another move towards the upside. 

In this alternative case, the Official Trump price could try to re-enter the ascending price channel that has emerged on the crypto’s 15-minute chart before attempting to break the $23.85 resistance level and continue climbing.

Technicals Warn The Official Trump Price Might Drop Soon

From a technical standpoint, it seems traders have started taking profits. Both the Relative Strength (RSI) and the Moving Average Convergence Divergence (MACD) warn TRUMP has entered a negative short-term cycle and might drop in coming hours. 

RSI readings have dropped from around 93, when the crypto’s rally started, to 57. This could suggest that there has been a substantial drop in buyer strength. Although the latest reading is still above the neutral 50 mark to indicate that buyers have the upper hand, the negative slope of the RSI line warns sellers could soon take full control of the Official Trump price.

Meanwhile, the MACD line has crossed below the MACD SIgnal line in the last couple of hours. This specific technical event usually indicates that a crypto’s momentum has shifted from bullish to bearish. This seems to be the case in this instance, as the Official Trump price dropped below the lower boundary of the aforementioned ascending channel.

Amid uncertainty about the legitimacy of TRUMP coin, investors might hedge their bets by diversifying into hot presale meme coins that also have explosive upside potential. Tokens such as Wall Street Pepe (WEPE), Solaxy (SOLX) and Mind of Pepe (MIND) are among analyst favorites right now.

TRUMP Hype Might Cause Congestion On The Solana Network – Enter, SOLX

The hype around TRUMP has brought a blizzard of investors to the Solana blockchain today. The post on Trump’s X has amassed over 36 million views already.

Solana could therefore face another outage if the surge in traffic overwhelms its infrastructure, which could bring attention to layer-2 crypto Solaxy.

The project is the first scaling solution focused on the Solana network. It also aims to bridge the Solana and Ethereum networks to create one super Web3 ecosystem. So far, the project has managed to raise more than $11.18 million and is offering investors who stake SOLX a 317% APY.

New Pepe Derivatives WEPE And MIND Soar  

Frog-themed tokens WEPE and MIND could also benefit from the interest TRUMP has brought to the meme coin space recently. WEPE’s ongoing presale has gone parabolic, raking in more than $51 million to make it the standout presale of the year. 

Crypto analyst and YouTuber ClayBro recently said in a video for his more than 134K subscribers that WEPE could potentially pump 100X after its launch.

Meanwhile, MIND raised $1 million in just the first 24 hours of its ICO going live this week. Its buying frenzy continues, with the crypto’s total raise standing at over $2.1 million in just a few days.

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JasmyCoin Price Prediction for Today, January 18 

The current President-Elect of the United States, Donald Trump, has caused much controversy in the crypto space after launching his Official Trump (TRUMP) meme coin on Solana (SOL) two days before the inauguration.

The announcement on January 17 through Trump’s Truth Social account stated that the token was for him and his “winning.” The initial speculation pointed towards a possible hack, but the confirmation came shortly after, with Trump becoming the first U.S. president to endorse a meme coin.

Critics raise ethical concerns

Like others, the TRUMP meme coin has been criticized for having no real-world application. Critics and analysts have pointed out that using the Trump administration’s position to endorse cryptocurrency is questionable.

YouTuber Stephen Findeisen, also known as Coffeezilla, criticized the timings of the project. In a Jan. 18 post, he called the launch of the coin ‘unethical’ and raised concerns with the reported 80% of the coins being distributed to Trump’s inner circle. Findeisen described the situation as ‘nasty work’ due to the risks of large losses for inexperienced investors.

> dropping TRUMP memecoin 2 days before becoming president is nasty work> new SEC/DOJ guarantees no prosecution> 80% of tokens vest to insiders DURING the presidency> most ppl losing money will be MAGA who aren't crypto native> *should* be a crime but crime is legal now ig?

— Coffeezilla (@coffeebreak_YT) January 18, 2025

Peter Schiff, an economist who has consistently dismissed cryptos, likened the coin to Bitcoin in sarcasm while making fun of it. Former Trump aide Anthony Scaramucci called it “corruption” and warned it may negatively impact the broader crypto market.

 Crypto-influencer Max Schwartzman said that it is possible that Trump’s account was hacked, as the TRUMP COIN website has the same design as Trump’s previous NFT project. Others, like 0xCygaar, pointed out that the two have similar technical structures, which only added to the hype.

Ok yeah the new Trump memecoin website is deployed almost identically to his previous NFT website.Same cloudflare setup, same deployment with Heroku, same SSL certificate issuer.Very similar HTML structure as before. pic.twitter.com/u1zLD7Vcv7

— cygaar (@0xCygaar) January 18, 2025

Explosive growth amid controversy

After the launch, the token only took 15 minutes to reach a market cap of $400 million. The launch also saw SOL, Solana’s native token, rise to an all-time high of $267 due to the buzz around the TRUMP token. 

However, the TRUMP coin has soared and has recorded more than 12,000% adoption after its launch despite the backlash it has received. The token’s value reached close to $35 and then hovered around $29, taking the market capitalization to $5.98 billion. Successful traders have made a lot of money, with one of them reportedly making $50,000 to $1.1 million within a few hours.

However, doubts remain about the prospects of the token in the future. Currently, only 20% of the 1 billion TRUMP coins are in circulation with the remaining 80% to be released over the next 36 months. 

At the moment, the first twenty holders possess 87.02% of the total token supply, which means only 12.97% remains for all other investors and traders. The developer wallet alone is estimated at about $15.5 billion, which raises questions about developers controlling and manipulating the market.

Some critics have claimed that this sort of ownership control weakens the token in question. Crypto analyst JRNY Crypto raised concerns about the lack of concrete information coming from Trump’s advisors to support the project.

The FOMO on the TRUMP token pushed many traders into action, causing a rise in the Solana price and an increase in its on-chain activity. Analyst Will Clemente pointed to the chaos, stating that traders have been dumping other assets to buy into the TRUMP phenomenon. However, some analysts have expressed concern that the fast pace may result in a quick drop. 

Never seen anything like this, SOL ripping and everything on chain nuking as people panic sell to fomo into Trump’s memecoin. What is going on.

— Will (@WClementeIII) January 18, 2025

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