Donald Trump's meme coin, Official TRUMP, has recorded a 16% price increase

The United States president Donald Trump's meme coin, Official TRUMP, has recorded a 16% price increase in the past 24 hours

Key Notes:

Donald Trump’s meme coin, Official Trump (TRUMP) $12.85 0.3% has seen a 16% price increase in the past 24 hours, currently trading around $14.19.

Trading volume has also shot up by about 150%, signaling renewed interest from investors.

The broader meme coin market also reflected this bullish sentiment with a 15% rise in total capitalization, now standing at $65.69 billion.

Top meme tokens like DOGE $0.18 5.1% , SHIB $0.000014 2.3% , PEPE $0.000009 1.5% , and BONK $0.000019 2.3% also posted double-digit gains.

The rally in TRUMP follows a 42% surge in the meme coin’s market capitalization over the last three days, to reach $2.85 billion at the time of writing.

The rally is potentially a result of heightened whale activity. Earlier on Friday, a whale purchased 390,435 TRUMP tokens for $5.53 million at $14.16, according to the data by LookOnChain.

A whale spent $5.53M to buy 390,435 $TRUMP at $14.16 five hours ago.

This whale also spent 2,492 $SOL($371K) to buy 4.45M $AVA($488.6K) 2 days ago and currently has an unrealized profit of $117K.https://t.co/G4SDmOPNoo pic.twitter.com/S55boMCS1W

— Lookonchain (@lookonchain) May 9, 2025

Trump price outlook

On the 4-hour TRUMP price chart, the RSI is currently at 81.5, indicating that the meme coin is in overbought territory. This suggests bullish enthusiasm but also raises the risk of a correction as short-term traders may book profits ahead.

TRUMP price chart with RSI and Bollinger Bands | Source: Trading View

Bollinger Bands show that TRUMP is trading near the upper band, suggesting strong buying pressure. However, consistent price movement outside the band may point to a potential pullback.

If the price moves down to mid band (20-day SMA), traders could see support around $12.20, with a stronger floor at $10.80.

Meanwhile, the MACD line remains above the signal line with the increasing histogram bars, hinting at growing strength in the uptrend. For now, key resistance lies near $15.50, a psychological barrier.

TRUMP price chart with MACD | Source: Trading View

Scrutiny of trump’s crypto plans

While TRUMP token continues to be the talk of the crypto town, Democrats are intensifying scrutiny of Donald Trump’s involvement in cryptocurrency ventures, particularly the TRUMP meme coin, via a congressional action.

According to a CNBC report, the step, being led by figures like Rep. Maxine Waters and Sen. Richard Blumenthal, includes disrupting legislative processes and initiating investigations.

Sen. Blumenthal has specifically termed the TRUMP meme coin dinner contest, which offered access to Trump in exchange for token holdings, as a “pay-for-play scheme,” and demanded financial records from Fight Fight Fight LLC and World Liberty Financial.output: