Trump-themed meme coins, led by TRUMP, surged on Friday following an announcement by former President Donald Trump regarding the release of government files on extraterrestrial life. The TRUMP token’s market capitalization approached $900 million, but the assets gave back most gains hours later, possibly impacted by a separate Supreme Court ruling. Analysts warn of volatility while pointing to technical indicators suggesting the rally may be overextended.
The meme coin TRUMP jumped to nearly $3.80 on Friday, its highest price since early February, as its market cap neared $900 million. Other related tokens like Pepe Trump, Super Trump, and SUI TRUMP also saw gains.
Their resurgence coincided with a pledge from Donald Trump to direct officials to identify and release government files concerning alien life. Increased public interest followed a recent podcast where former President Barack Obama stated, “Unless there’s this enormous conspiracy and they hid it from the president of the United States.”
However, the assets lost almost all their gains in the following hours. This reversal may have been driven by a blow against Trump from the US Supreme Court, though the broader cryptocurrency market’s minor uptick was also a possible factor.
An analyst known as Don claimed the TRUMP token “looks good,” hinting at a potential price target of $13.29. Despite this, the token’s infamous volatility remains a significant risk for traders.
Technical analysis shows the token’s Relative Strength Index (RSI) is currently just south of the overbought zone, indicating a potential correction. The RSI is a tool measuring recent price changes to identify possible reversal points.
