Official Trump (TRUMP), the meme coin linked to Donald Trump, surged more than 25% over the past 24 hours on June 12, just a couple of days ahead of the president’s birthday.
Trading at $2.11 at press time, the cryptocurrency has significantly outperformed the broader market, which is up only 0.92% over the same time frame.
Following the rally, the coin’s market cap has risen past the $500 million market cap, while the trading volume has surged nearly 145% as investors reacted to geopolitical developments involving the asset’s namesake.
Why is the Trump coin surging today?
The rally is being fueled by renewed risk appetite after President Trump signaled that a potential peace agreement with Iran could be nearing, writing on Truth Social that he ‘cancelled the scheduled strikes and bombings against Iran.
“I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening. Discussions and final points have been, in both concept and great detail, approved by all parties involved,” Trump wrote.
The development helped drive speculative demand for TRUMP, which has increasingly traded as a sentiment-driven asset tied to news surrounding the U.S. president. Of course, the rally was also supported by favorable market conditions, with Bitcoin (BTC), for example, posting gains of roughly 1.3%.
Now, the $2.2 level serves as a key resistance zone that could determine the token’s next move, as a decisive breakout above that level, accompanied by sustained volume, could open the door for a move toward the $2.5.
Naturally, the token’s trajectory will be closely tied to developments surrounding the reported Iran peace negotiations, although the president’s upcoming birthday could also generate some short-term hype.
Featured image via Shutterstock
