Karla Barker 
The Official Trump memecoin has been anything but calm over the last 24 hours. The token surged more than 10%, briefly flipping the $3 mark and touching $3.06. But that move didn’t last. Prices fell back to $2.6 before settling near $2.7 as of writing.
What caused the short-lived pump?
The rally seems to have been tied to confusion around a newly launched token called GOLD. Some investors apparently thought GOLD was related to Trump’s project, maybe even a second version of the memecoin. But sentiment shifted when the team behind GOLD was accused of a rug pull. Lookonchain reported that 15 wallets bought GOLD, sold their holdings, and exited with over $312k in profit. That changed the mood quickly.
Liquidations ramped up on both sides
The volatility triggered heavy liquidations across futures markets. Longs took the bigger hit, with over $8.4 million liquidated. Shorts weren’t spared either, seeing around $5.1 million in liquidations. In total, the memecoin recorded more than $13.57 million in liquidations. That kind of activity usually points to a market where traders are guessing, not confident.
Coinglass data also showed a big shift in futures flows. Outflows reached $1.44 billion, while inflows were around $1.38 billion. That pushed futures netflow down to -$68 million, a drop of over 5,600%. Negative netflow usually means traders are closing positions and stepping aside. Open interest supports that view. It fell 6.4% to $279 million, while derivatives volume rose 23% to $3.3 billion. Falling open interest with rising volume often signals exit or unwinding.
Spot market sees selling pressure too
It wasn’t just futures. On the spot side, holders rushed to cash out after the GOLD drama. For several days before this, spot netflow had been negative, meaning accumulation. That changed on August 29. Netflow turned positive and is now around $4.5 million. In simple terms, more TRUMP tokens are moving into exchanges, which usually suggests selling intent.
Given all that, the memecoin might find it hard to keep climbing. Intense selling pressure historically tends to precede pullbacks. But the momentum is still bullish for now. The RSI sits around 73, which is elevated but not necessarily a death sentence. It suggests buyers remain in control. The token also holds above both short-term and long-term moving averages.
So what’s next? If bulls can absorb the selling pressure, TRUMP might reclaim $3 and then try to flip $3.6 as support. But if the pressure continues, the memecoin could break below $2.7 and fall toward $2.2 next. Right now, it’s really a waiting game.