The Trump meme coin has found new use cases with multiple Trump-associated platforms allowing customers to pay for orders using the token.
Donald Trump, the President of the United States, released a meme coin project called OFFICIAL TRUMP TRUMP $13.08 24h volatility: 5.5% Market cap: $2.62 B Vol. 24h: $1.11 B just a few days prior to his inauguration, and the cryptocurrency has now found a unique use case. Reports state that the meme token can now be used to purchase sneakers and watches, among other things.
According to a report from Bloomberg, several websites that sell Trump-branded products, including GetTrumpWatches.com, GetTrumpFragrances.com, and GetTrumpSneakers.com, have all started to allow customers to check out on the website using the TRUMP token. These platforms license the brand of President Donald Trump and aim to capitalize on the popularity of the first pro-crypto president of the US.
Along with TRUMP, these websites also allow customers to check out using Bitcoin (BTC) and credit cards. Other businesses, including travel booking platform Travala, also confirmed that they’d be accepting the meme coin as a means of payment. It seems that the US president’s meme coin has found a use case for itself, despite being labeled as a pump-and-dump by market participants.
It is important to note that TRUMP made its debut on January 17th and currently has more than 700,000 holders, as per Solscan, a blockchain analytics platform. The meme coin was launched on the Solana blockchain, and in order to use the TRUMP token in Trump-affiliated stores, the customers will have to use the “Solana Pay” option.
TRUMP Price Analysis
According to CoinMarketCap data, TRUMP is trading at $28.03 at press time, down 4.42% in the past 24 hours. While printing the daily high at $30.22, the cryptocurrency has dropped 62.61% from its all-time high of $75.35 as industry participants believe that the insiders dumped their holdings on the investors once the meme coin hit ATH.
With a significant 24-hour volume of $2.64 billion and a market cap of $5.6 billion, the altcoin has claimed the 26th position in the crypto market. As clear from the 4-hour chart provided by TradingView below, the price action of the meme coin is situated in the bearish region of the Bollinger Bands, successfully retesting the lower end of the Bands, which acts as support.
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Source: TradingView
On the other hand, the Relative Strength Index (RSI) for TRUMP reads a value of 40.39, which means that the bears are in control of the meme coin’s price action, and the chances of a retest of lower prices are high. However, the gradient of the line suggests a reversal since the buyers are gradually buying more TRUMP, taking advantage of lower prices.
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