Justin Sun's Involvement Boosts TRUMP COIN

Adding fuel to the recent price surge is billionaire crypto investor Justin Sun's public confirmation that he holds the largest position in TRUMP tokens.

Billionaire crypto investor Justin Sun is attending Thursday's dinner with former President Donald Trump, and an Invictus Capital analyst says Sun's involvement and the TRUMP (TRUMP) token’s recent price surge are noteworthy.

What Happened: Sun, who founded Tron (CRYPTO: TRX) and is a crypto adviser to Trump, will be joining Trump for the meal at his Mar-a-Lago estate in Palm Beach, Florida. Sun announced his attendance on Wednesday evening.

See you tomorrow evening at Mar-a-Lago, President Trump. Really looking forward to the dinner and catching up with you on the latest developments in Web3 and cryptocurrency. It’s an honor to be joining you for this special occasion. Everyone who holds TRUMP tokens is welcome to join. pic.twitter.com/3yG9Z707oA

— Justin Sun 孫宇辰 (@JustinSunQTUM) May 24, 2023

Sun is the largest holder of TRUMP tokens, and blockchain data shows his wallet currently contains 20,877,866 TRUMP tokens, valued at $21,243,076 at the time of writing. Sun’s involvement may be a factor in the TRUMP token price movement.

Related Link: How Trump Is Impacting Cryptocurrency In 2023

The TRUMP token price has surged significantly in recent days. Within the past 24 hours, the token price is up 21.64% and is now trading at $12.79 at the time of writing, according to Benzinga Pro. Over the past seven days, the token has soared over 108%.

The analyst at Invictus Capital, known on X, formerly Twitter, as mr320, noted that the TRUMP token price has now broken out of its recent trading range and is showing bullish signals.

The analyst said the TRUMP token has now bounced off its 20-day exponential moving average (EMA) at around $12.99, which is being used as dynamic support.

The Directional Movement Index on the daily chart shows the positive directional index is clearly above the negative index, with the gap widening, which the analyst said technical traders would say shows stronger bullish than bearish momentum.

Credit: Invictus Capital

The analyst said there is also strong volume on the move up and Exchange Netflow is decreasing substantially, which suggests traders sold $11.80 million of the token on Wednesday.

The analyst said traders have purchased $5.84 million of the TRUMP token from the market, following the previous day’s sell-off of $11.80 million, which may suggest the market is still in a bullish stance.

“Those who sold yesterday, profited, and now are selling at even higher prices to retail traders to continue pushing the price up. Expect more selling pressure tomorrow if the price stays high throughout the day.”

The analyst said 73.64% of investors are now expecting the TRUMP token price to continue rallying, up from 64.71% on Wednesday.

The analyst added that President Trump’s affiliates, through CIC Digital LLC and Fight Fight Fight LLC, still control 80% of the TRUMP token supply, which shows how tightly the project is managed by Trump’s inner circle.

The analyst said the TRUMP token could now target the $19 level if the current momentum continues.

“A close below the 20-day EMA at $12.99 would negate the short-term uptrend.”