The Trump coin price crash past its launch revealed how hype isn’t significant enough for the performance of a meme coin. With over weeks of consolidation, the token re-emerged with Donald Trump’s dinner offer, inviting the top 220 Trump memecoin holders for dinner on May 22. Although most saw it through this marketing strategy, investors flocked to the opportunity, pumping the Trump memecoin price again. Another anticipated bullish addition was the GDC’s $300M investment, but that did not work. Why? Let’s discuss.
Trump Coin Price Crashes 6% Today Despite $300M GDC Investment
After gaining a bullish momentum earlier in the week, the Trump coin price hit $15 due to the Trump dinner event on May 22. However, the momentum did not last long, resulting in its crash. With a 6% decline in the last 24 hours, the TRUMP trades at $12.89 due to a massive decline of 24% in its trading volume to $1.04B, showcasing declining investor activity.
On analyzing the Trump memecoin price chart, it is clear that the drop is due to its failure to hold the breakout from the descending triangle pattern. RSI, MACD, and other technical indicators further confirm the investors’ declining confidence.
According to CoinGape, the GD Culture (GDC) Group plans a $300M investment in Bitcoin and TRUMP memecoin. Despite the GDC Group investment news, the token failed to surge further.
Why Did the Trump Coin Price Decline?
The final 220 candidates for the Trump dinner have been selected, resulting in the drop. This is because the hype was building due to the buying of the tokens to be selected, but that’s not the case anymore. Interestingly, the report reveals that nearly $150 million worth of tokens are in the holdings of these 220 candidates.
Besides, the GDC $300M investment also brought mixed reactions from investors, as the experts revealed its low market cap of $34M with $2.7K equity is not a favorable deal.
Furthermore, there’s also negative news around Donald Trump’s crypto venture, World Liberty Financial. The House Democrats demand SARs on WLFI under allegations of bribery, market manipulation, and more. They have raised issues with the Trump dinner, citing financial law violations.
Interestingly, the Coinglass report states that the long positions are higher than the short, but the open interest has declined, revealing that investors are avoiding new trades. As a result, there’s the possibility of further consolidation.
If the selling pressure continues, it could drop to $10. However, if the buyers’ dominance increased, the coin could rebound above $16 or higher, per Trump coin price predictions.
The post Here’s Why Trump Coin Price Fails to Surge After $300M GDC Investment appeared first on CoinGape.
