The Official Trump memecoin has experienced extreme volatility over the past 24 hours. The token surged 10.2% and reached a high of $3.06 before pulling back to trade around $2.7.
The initial rally came amid confusion over a newly launched GOLD token, which some investors believed was TRUMP 2.0. The team behind GOLD faced rug pull accusations, causing sentiment to shift sharply and triggering widespread profit-taking.
Liquidations Spike Across Derivatives Markets
The market turbulence led to significant liquidations across both long and short positions. Long positions saw $8.4 million in liquidations, while short positions recorded $5.1 million in liquidated value, bringing total liquidations to $13.57 million.
Futures data shows TRUMP recorded $1.44 billion in outflows compared to $1.38 billion in inflows, resulting in a negative futures netflow of $68 million. Open Interest declined 6.4% to $279 million while derivatives volume rose 23% to $3.3 billion, suggesting traders were closing positions amid the volatility.
Spot Market Selling Pressure Builds
On spot exchanges, TRUMP holders also rushed to realize profits following the negative sentiment from the GOLD token launch. Exchange netflows turned positive on August 29, reaching approximately $4.5 million as of the report, indicating increased selling pressure.
This marks a shift from the prior five-day period when spot netflows remained negative, reflecting previous accumulation activity.
Technical Position Remains Supported
Despite the selling pressure, technical indicators show the uptrend remains intact. The Relative Strength Index (RSI) stood at 73, and TRUMP maintained levels above both short-term and long-term moving averages, suggesting buyers retained control of the market.
