Trump Token Surges 56% After Upbit Listing, Eyes $9B Market Cap

The crypto market has shown signs of recovery following yesterday's market-wide pump, which helped Bitcoin (BTC) break through the $98,000 resistance level. Although BTC faced slight correction since, dropping to $97,569, altcoins like XRP (XRP) and Dogecoin (DOGE) continue to make gains. Among the top five meme coins, only DOGE and Official Trump (TRUMP) have maintained yesterday's momentum, with gains of 2.44% and 8.45% over the past 24 hours, respectively.

Official Trump token, launched on January 18th, made waves in the crypto market by gaining 11x in just 24 hours, soaring from its initial listing price of $6.24 to $75.35. After fluctuating to the $22 level at the start of February and spending the first half of the month in decline, the token managed to break out of its nearly two-week-long red trend on February 13th. Korea's largest exchange, Upbit, listed TRUMP, which helped the token soar to $24.27 over the next 24 hours, representing a 56.58% increase.

Crypto analysts Moon Jeff and Don expect the token to continue its upward trajectory. Moon Jeff believes that the upcoming US President's Day holiday on February 17th will draw more attention to TRUMP, while Don is confident that the token will 2x over the next week and reach a market cap of nearly $9 billion, alongside other US-based tokens.

The election of President Donald Trump in November last year saw the broader crypto market explode, as Trump promised to continue working on transforming the US into the "crypto capital of the planet." Yesterday, Bo Hines, Trump's executive director of the Crypto Council, welcomed several blockchain project representatives into the White House to discuss possible legislation changes. Following the meeting, Trump's Crypto Czar David Sacks hinted that "important announcements are coming soon," which undoubtedly had an impact on today's rally of TRUMP and several other altcoins.

With a long/short ratio of 1.56 over the past 24 hours, over 61% of investors believe the token will make short-term gains. Additionally, Official Trump's 14-day Relative