The Official Trump (TRUMP +12.05%) cryptocurrency is seeing another day of huge gains Wednesday. The cryptocurrency's token price had risen 20.9% over the previous 24 hours as of 6:30 p.m. ET. Over the same stretch, Bitcoin was down 1.7%, and Ethereum was down 1.3%.
Official Trump is continuing to move higher following comments from President Trump suggesting that the U.S. and China are on the verge of reaching a new trade deal. The meme coin is now up approximately 50% over the last week.
Image source: Getty Images.
Official Trump surges on hopes for a U.S.-China trade deal
Official Trump has recently seen gains in conjunction with statements from President Trump and others in the administration that seem to suggest that the U.S. will be able to hammer out a trade deal with China at his upcoming meeting with President Xi Jinping. The meme coin was launched ahead of Trump's inauguration in January and endorsed by the U.S. president soon after, and it has sometimes seen big gains in response to political wins for the administration. On the other hand, its token price is still down approximately 89% from the high it set shortly after its market debut.
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What's next for Official Trump?
At its meeting today, the Federal Reserve announced that it was lowering benchmark interest rates by another quarter point. The development is good news for the broader cryptocurrency market, but the rate cut was also already largely expected by investors. Attention now turns to whether the Fed serves up another cut at its meeting in December.
Official Trump could see additional gains connected to U.S.-China trade news and other political developments, but previous rallies for the token have tended to be relatively short lived. While the token could still have big upside, it remains a risky play even in the highly volatile crypto space.
