TRUMP Price Surge Reaches 23% in 24 Hours Amid Whale Activity

TRUMP, a memecoin, has been on a tear lately. Its price surged by over 23% in just 24 hours, making it the top performer among the top 100 cryptos by market cap. This explosive rally also pushed its weekly gains to more than 64%, while its daily trading volume skyrocketed by 166% to surpass $1.06 billion.

The expansion of TRUMP's market reach is one key driver behind its price increase. Its debut has supplemented its trading volume, with activity rising across both the Futures and Spot markets. In fact, according to the Futures Volume Bubble Map for August, trading activity has shifted from neutral to heating up.

Whales are also getting in on the action, leveraging the memecoin by buying Futures contracts rather than spot products. This is evident from the Average Order Size data, which shows big whale positions in the Futures market while the Spot market had normal orders. In particular, 10x, 25x, and 50x leveraged long orders were situated between $2.44 and $2.77, according to Coinglass.

However, traders should be aware that leverage can amplify both gains and losses. So, will TRUMP bulls be able to clear the sideways range? The memecoin has been trading around the highs established by last week's explosive rally, stuck between $2.90 and $2.16. While the Supertrend indicator suggests buyers are a bit inconsistent, the Awesome Oscillator (AO) is still green with growing bars, indicating that bulls may still be in charge.

If this momentum continues, TRUMP could fill the wick above $2.90 to around $3.68. However, if it loses the horizontal level at $2.16 and the Supertrend support at $2.19, it could slide below $2. As such, traders should keep a close eye on how the memecoin reacts around these key levels.