Donald Trump just sent the $TRUMP memecoin flying with a single post on Truth Social. After months of sluggish performance, the token suddenly surged 13%
Donald Trump's unexpected endorsement of the $TRUMP memecoin in a post on Truth Social has sent the token soaring.
In the post, Trump said: "I LOVE $TRUMP - SO COOL! The Greatest of them all!!!!!!!!!!!!!!!!!"
After months of sluggish performance, the token suddenly surged 13% in just an hour.
The post comes after the crypto market saw some gains today. Bitcoin, Ethereum, and Solana are all trading in the green, and the total market cap has also edged up by 1%.
The gains come as traders await the release of the U.S. inflation figures for April. Economists polled by Dow Jones anticipate a 0.3% increase in the Consumer Price Index from the previous month and a 4.9% year-over-year rise.
The CPI data will offer insights into the Federal Reserve's stance on interest rates at its upcoming meeting next week.
Despite the recent rally, some analysts remain skeptical about a swift recovery for the crypto market. They point out that the market is still lagging compared to the stock market, which usually leads the way in a recovery.
With several memecoins still struggling to stay afloat despite the recent price surge, it remains to be seen whether this is the beginning of a new bull run or just another instance of fleeting hype.
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