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Following
TRUMP 
WLFI Donald Trump's memein surged more than 80%
Donald Trump's memein surged more than 80% in just a few hours. TRUMP once broke through the US$3 mark and then fell back to about US$2.94. This trend caught short sellers off guard: more than $30 million in positions were liquidated within 24 hours. Rumors that the Trump family is about to launch a new cryptocurrency project are enough to ignite this rally.
Overview
TRUMP soared more than 80%, briefly exceeding US$3; the amount cleared in 24 hours exceeded US$30 million; there were rumors that Admiral Robinhood had new assets of the Trump family, but there was no official confirmation.
TRUMP returns to US$3
This meme coin has rebounded after several difficult months. In July this year, nearly 1 million TRUMP wallets lost a cumulative loss of US$3.81 billion. The current rebound has completely changed the market atmosphere. During the Asian trading session, TRUMP stood above US$3, then fell back to about US$2.94. Trading volume also increased, with 24-hour trading volume exceeding US$1.79 billion, setting a three-month high. Despite this, Trump's cryptocurrency is still far from reaching an all-time high, and its decline is still more than 90% compared with its post-launch peak.
The trigger for this market came from social media. Rumors are that General Robinhood Chain will launch new assets related to the Trump family. Although there was no official confirmation, traders had long been unable to hold back.
Seller in trouble
Many traders had previously opened short positions in TRUMP. Their logic is simple: the new Trump family cryptocurrency may divert funds from existing memin. However, the market is moving in the opposite direction. About US$8.59 million in short positions were cleared on Binance alone. The total liquidation amount surrounding TRUMP exceeded US$30 million in 24 hours. Short squeeze pushed prices higher further. When a leveraged trader's short position is cleared, the platform must buy assets to close the position. The higher prices rise, more short positions may be forced to close their positions.
TRUMP has shown similar volatility before. In June this year, the memin rose more than 25% in one day. This time the increase was even greater. Short positions below $3 may have largely disappeared, while there is relatively little liquidity in the range above $3 to about $3.50. New sellers may think twice.
There are still US$172 million in open interest
After the squeeze, the cryptocurrency market has not completely cooled down. TRUMP's open interest reached approximately $172 million, the highest level since April. New long and short positions continue to emerge. However, Robinhood rumors remain the focus of market attention. There are no new Trump tokens officially released, and there is no guarantee that TRUMP holders will receive any special benefits when new assets are launched.
WLFI has also benefited from this trend. The World Liberty Financial token briefly rose to US$0.07 before falling back to approximately US$0.06. Trump's name can still mobilize large amounts of money in the cryptocurrency space, while also attracting criticism. In early August this year, TRUMP memin was involved in negotiations surrounding the CLARITY bill, raising new questions about the US president's conflict of interest. Today, the market is mainly focused on prices: rising more than 80%, US$30 million was liquidated, and the project that triggered this trend has not yet been confirmed.
