TRUMP, the official memecoin associated with former President Donald Trump, saw its price surge by 5% following an updated filing by asset manager Canary Capital for a U.S.-listed TRUMP Coin ETF. Canary Capital, which secured its DTCC listing in October 2025, aims to become the fourth company to launch a U.S. meme coin ETF, joining major players like Grayscale and Bitwise. The fund, originally filed in August 2025, is designed to offer conventional investors exposure to the memecoin without requiring direct ownership.
Despite the price optimism, significant concerns linger about the ETF's potential to attract substantial capital. This skepticism stems from the performance of the first Dogecoin ETF, launched by Grayscale in November 2025, which has struggled to maintain investment inflows, securing only $6.67 million in capital since its inception. The speculative nature of meme coins continues to make investors cautious about the TRUMP ETF's prospects.
Concurrently, TRUMP's market performance reveals underlying weakness. The token is down 95.4% from its all-time high and faced a recent rejection from a key supply zone between $3.57 and $4.09. After bouncing to $3.64 on February 14th, the price has shed 7.14%, trading around $3.38. Technical analysis suggests a high likelihood of further descent toward the $3.07 support level, exacerbated by an upcoming unlock of 6.33 million TRUMP tokens that could add selling pressure.
Further headwinds include an investigation into Trump-backed World Liberty Financial regarding a $500 million foreign investment linked to the UAE, which damages the token's optics, and broader selling pressure on Bitcoin impacting the overall crypto market sentiment. While the On-Balance Volume (OBV) on a 1-hour timeframe showed a recent uptick, the higher timeframe bias remains firmly bearish.
In a related development, Truth Social, the social media platform linked to Trump, is expanding its crypto ETF ambitions. Beyond the TRUMP Coin ETF, it has filed for Truth Social Bitcoin and Ether ETFs, partnering with Crypto.com to serve as the digital asset custodian for these proposed funds, though they still await SEC approval.
