$TRUMP, launched just a week ago, is under scrutiny for its practical utility and market volatility, with a Stocktwits poll showing a divided outlook among retail investors.
Official Trump ($TRUMP.X) has slipped more that 14% in the last 24 hours, trading at around $36 on Thursday morning, following an eventful week for the newly introduced meme coin.
Despite the recent pullback, retail investors are expressing concerns about the potential for further downside.
An ongoing Stocktwits poll reveals that 42% of respondents believe the coin could drop further, potentially hitting $30 by Sunday, signaling a bearish sentiment among a significant portion of the community.
Meanwhile, less than one-third of the retail investors who voted believe that the Trump meme coin will hit new highs.
Trump’s namesake cryptocurrency, launched last Friday,quickly ascended the ranks to become the third-largest meme token by market value, trailing behind established meme coins like Dogecoin ($DOGE.X) and Shiba Inu ($SHIB.X), as per CoinGecko data.
Some Stocktwits users have referred to the coin as a “daily referendum” on Trump’s political moves, while others have questioned the ethics of releasing a meme token under his brand.
Despite the bearish sentiment from some investors, $TRUMP.X has seen engagement soar on Stocktwits, with nearly 10,000 followers since its debut.
The token soared to a market cap of over $10 billion before retreating to $7.1 billion, a notable increase considering its initial market value of $1.65 billion at launch.
While the meme coin was launched by the President himself, Trump has since distanced himself from the cryptocurrency.
At a recent press conference, Trump acknowledged the success of the coin but indicated his lack of involvement in its ongoing performance.
“I don’t know if it benefitted, I don’t know where it is, I haven’t checked it, but I heard it was very successful,” Trump told reporters.
On Stocktwits, retail sentiment around the token remained in the ‘bullish’ zone on Wednesday morning even as message volumes sobered down to ‘normal’ from ‘high’ levels, a day ago.
Some investors see the current price dip as an opportunity to increase their holdings in the token, viewing it as a favorable entry point to capitalize on potential future gains.
Other discussions around the Trump meme coin have taken on a patriotic tone among certain investors, reflecting sentiments beyond purely financial interests.
The Trump meme coin has a supply of 1 billion tokens with 200 million tokens released during the initial coin offering (ICO) while the remaining 800 million tokens are held by two Trump-owned entities, CIC Digital LLC and Fight Fight Fight LLC, accounting for 80% of the total supply.
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