Official Trump Memecoin Surges 10%, Faces Uncertain Future Amid $13M Liquidations

Official Trump, a memecoin that has been gaining traction in recent days, has experienced extreme volatility over the past day. The coin surged by 10.2% and flipped $3 resistance to reach a high of $3.06 before dropping to $2.6 and then rebounding to $2.7 as of this writing.

The pump was short-lived as investors became wary of a rug pull after the team behind GOLD, another recently launched token, was accused of scamming investors. The sentiment quickly flipped as 15 wallets that purchased GOLD sold their holdings and exited the market, taking over $312k in profit.

As a result, the memecoin recorded over $13.57 million in total liquidations, with traders both longs and shorts rushing to close their positions. According to Coinglass data, Official Trump [TRUMP] recorded $1.44 billion in futures outflows compared to $1.38 billion in inflows, resulting in a negative Netflow of -$68 million.

The Open Interest further validates this observation, with TRUMP's Open Interest dropping 6.4% to $279 million while the Derivatives Volume rose 23% to $3.3 billion. This suggests that most traders exited their positions, and profit taking returns on the spot market as well.