Most leading cryptocurrencies have posted minor gains or losses over the past 24 hours, suggesting the broader market has consolidated after recent turbulence.

However, Official Trump (TRUMP) has defied the ongoing calm after pumping by double digits within the timeframe. Check out what triggered the move and whether this is the start of a major bull run.

‘Big Manipulation’ Ahead?

The meme coin briefly touched $2.90 before retreating to the current $2.75 (per CoinGecko), representing a roughly 20% daily increase. Its market capitalization has surged to almost $700 million, making it the 90th-largest cryptocurrency and the sixth-biggest in its niche.

The most obvious catalyst for the rally appears to be the announcement that Official Trump will make an appearance at Korea Blockchain Week (a major blockchain event taking place between September 29 and October 1 in Seoul).

According to numerous analysts, the meme coin may chart much more substantial gains in the near future. X user Cyriptoman4 noted that the price hasn’t broken the $3-$3.15 resistance level yet, envisioning a rally above $10 if it stays persistently above the upper boundary.

Crypto Patel claimed the asset has decisively broken out of the crucial zone at $2.055, arguing that if this level holds as support, it could open the door to a parabolic surge toward $15.

“TRUMP is already up 160% from the bottom in just 10 days. Don’t chase the green candle. Wait for a healthy retracement and let price come to you,” the analyst added.

X user Crypto with Haris ₿ also gave his two cents on the matter, forecasting a price explosion for the meme coin to $20 before Donald Trump steps down as the President of the United States.

The token saw the light of day right before his inauguration in January 2025 and entered the space with a storm. At one point, its price skyrocketed to nearly $70, while its market capitalization soared past $14 billion. Thus, TRUMP briefly became the second-largest meme coin after flipping Shiba Inu (SHIB). Since then, though, the token has experienced a massive overall downfall, currently trading 96% below its historic peak.

Is It a Scam Token?

Earlier this week, Crypto with Haris ₿ made another comment related to the meme coin. He advised investors to stay away from TRUMP and MELANIA, describing them as “scam tokens” in which only insiders can make money while retail investors always lose.

“Real values of TRUMP lie below $1 and MELANIA below $0.01,” he concluded.

The meme coin is indeed primarily driven by speculation and hype rather than fundamentals, meaning traders and investors willing to jump on the bandwagon should be extra careful. TRUMP’s holder distribution should serve as another red flag. According to CoinMarketCap, the top 10 addresses control over 90% of the token’s supply, increasing the risk of price manipulation. TRUMP Holders Distribution, Source: CoinMarketCap

Source: CryptoPotato