Trump Memecoin Surges 80% Amid Rumors of New Family Asset

The Trump memecoin surged by over 80% in value, reaching a price of $3 at one point. This sudden rally led to more than $30 million in liquidations for traders who had taken short positions on the asset.

The meme token's trading volume reached a three-month high of $1.79 billion immediately after a period of depressed activity. A combination of a short squeeze and rumors of a new Trump family asset on the Robinhood chain contributed to the rally.

The main driver of the pump was a rumor of a new Trump family coin launching on Robinhood, which caused many traders to take short positions, expecting excess liquidity from the meme token. However, these short positions were liquidated, leading to a reversal as liquidity ran out.