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Trump Token's Crypto Journey: From $75 High to $25 Low in 14 Days

Coin WorldFriday, Jan 31, 2025 6:21 am ET

1min read

The Official Trump Token, launched on January 18, 2025, aimed to merge crypto and political memorabilia, initially gaining significant market traction. Within 24 hours, it surged to $75.35, ranking among the top 20 cryptocurrencies by market cap. However, the token's value began to decline after Trump admitted his limited knowledge of crypto.

By January 31, 2025, despite announcements of pro-Trump websites accepting the token for merchandise purchases, its value had fallen to $25.39. Technical indicators suggest a descending parallel channel, with support at $13.45 and resistance at $39.14. The token's price action is further complicated by a single wallet controlling 80% of the total supply, raising concerns about market manipulation.

The future of the Official Trump Token remains uncertain. Its price action could be influenced by factors such as increased adoption for merchandise payments and Trump's stance on crypto. However, the combination of declining hype, technical weakness, and concentrated ownership presents significant downside risks. As of now, the token is trading at a critical juncture, with the potential for either a breakout or a plunge.

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