Trump Meme Coin Rallies On Upbit Listing, But Retail Sentiment Remains Bearish

Official Trump (TRUMP) gained nearly 10% on Thursday after Upbit announced it would add the presidential meme coin to its platform.

The meme coin is currently trading hands at $16.33, with a market cap of nearly $3.3 billion, according to CoinGecko data.

Upbit, South Korea’s largest crypto exchange, has listed the Official Trump meme coin nearly a month after its competitor, Bithumb.

Newly listed tokens often see a price rally. The question remains whether these gains will be sustained in the coming days.

Meme coins Popcat (POPCAT) and Pudgy Penguins (PENGU) also jumped Thursday after Coinbase (COIN) added them to its exchange. At the time of writing, Popcat was up 16% for the day, while Pudgy Penguins saw gains of 3%.

The overall meme coin sector has rebounded by 1% in the last 24 hours, with its total market capitalization climbing above $76.7 billion, with Toshi (TOSHI) leading the gains. 

On Stocktwits, retail sentiment around the TRUMP token remained in the ‘bearish’ zone, accompanied by ‘extremely low’ chatter levels.

The sentiment stemmed from the Europen Union’s (EU) warning of a “dirty deal” after U.S. President Donald Trump’s phone call with Russia’s Vladimir Putin. 

According to a Reuter’s report, Ukraine and its European allies demanded on Thursday that they be included in any peace negotiations.

Others expressed frustration as the Official Trump token’s gains slowly depleted from its intraday high of $17.46.

At the time of writing, the meme coin was trading at $16.24, 77% below its all-time high of $73.23, a level last seen ahead of Trump’s inauguration in January. 

Read also: Toshi Tops Meme Coin Chatter As Token Hits New Weekly High, Bitcoin Stalls