A surprising turn within the crypto market has seen TRUMP token trading volume surpass XRP, along with a massive price correction. This behavior of the market in a very unpredictable manner points to the fact that the crypto space is quite unpredictable and that speculative tokens often have drastic changes in trading activity, even as their prices fall. In this scenario of high volatility and uncertainty the increase in trading volume by TRUMP token is more interesting.
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Speculation fueled Trump Token’s rally
Despite its sharp decline in price (down 16% in last 24 hours), TRUMP token managed to surpass XRP in trading volume. The rally in trading activity in TRUMP’s token has fueled interest from the entire cryptocurrency community, with speculation pointing to a very strong reaction from traders to the token, possibly surrounding its political branding or its speculative nature. Amplified by the hype.
Donald Trump, the 47th President of the United States, launched the official Trump (Trump) meme coin, located in Solana, over the weekend. Its price immediately skyrocketed to near $80, indicating that it was a huge success at launch.
At the time of writing, TRUMP was trading at $35.69, with 24-hour trading volume surpassing XRP. Specifically, according to CoinMarketCap dataMeme Coin has experienced $8.7 billion in trading activity compared to XRP’s $8.3 billion.
Since his inauguration on January 17, Trump has experienced an incredible $38 billion in business activity, according to CryptoQuant data Released on Wednesday. In particular, the large sell-off as momentum cools is probably the reason for the recent price’s sustained high trading volume.
Accordingly Dexscreener dataSelling volume has recently surpassed buying volume.
Meanwhile, XRP continues to grow, while holding the number one spot among the top-rated digital assets on the market. A short-term jump in trading volume of the TRUMP token signaled a new shift in interest in tokens that bring greater volatility and profitable trading dynamics.
XRP strengthened
Although the TRUMP token temporarily managed to take the trading volume lead over XRP, it has not been easily replaced in the long term due to its years-long presence in the market. XRP, being an older cryptocurrency, has attracted followers and institutional investment and, thus, is relatively stable in the market.
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TRUMP Token, on the other hand, is a recently introduced and relatively speculative asset whose peak trading volume may prove to be temporary and dependent on the whims of speculative traders rather than being based on sustainable investment.
The contrast between the two tokens—one driven by enthusiasm and the other by solid fundamentals—illuminates the different forces at work in the cryptocurrency market. While XRP may be more resilient, TRUMP Coin is currently experiencing a brief period of excitement and even disputewhich highlights the unpredictable nature of the market and the factors affecting trading activity.
Featured images from Gearbest, charts from TradingView
