Trump memecoin jumps 80%, $30M liquidations hit traders
Official Trump (TRUMP) rallied above $3, at one point adding over 80% to its price. TRUMP rallied during Asian trading hours, wiping out more than $30M in liquidation.
TRUMP rallied above $3, later to return to $2.94. The meme token is still down by over 90% from its highs, but the recent rally showed the asset was quick to respond to any news of new crypto activities from the TRUMP family.
TRUMP trading volumes also reached a three-month peak above $1.79B, spiking immediately after a long period of depressed activity.
The main driver of the rally was a short squeeze, causing $8.59M of short liquidations on Binance. TRUMP went through $30M in total liquidations for the past 24 hours, becoming one of the leading tokens to undergo a short squeeze.
The TRUMP rally also followed the rapid BTC recovery above $79,000, followed by a quick slide. This raises the question whether the TRUMP rally is sustainable beyond the wave of short liquidations.
… Continue reading the full article at the original source below.
