Shares of Truth Social (DJT) are down nearly 3% in Thursday afternoon’s trading after Trump revealed his family’s new crypto platform, “The DeFiant Ones,” which will be launching in the near future. Former and potential future President Trump took to his Truth Social platform to announce the launch to 7.5 million followers, calling on them to sign up for access. He stated, “For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together.”
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The name, The DeFiant Ones, draws its name from DeFi, or Decentralized Finance. It is a kind of financial technology built around cryptocurrencies, blockchain technology, and other tools that make it possible for people to effectively pay cash for goods with individuals and businesses anywhere. Still, several questions remain unanswered: which cryptocurrencies will be available through The DeFiant Ones, and how can more businesses be encouraged to accept crypto and make DeFi worthwhile?
Price Action Remains Volatile
Truth Social stock has always been a little on the volatile side, especially since about January or so. Shares have shot up and plunged, and its recent price movements were no different. In fact, yesterday, shares were up nearly 15%, but in today’s trading have lost 3%. Meanwhile, that 15% gain from yesterday came after two consecutive days of losses that sent share prices below January levels.
Is DJT Stock a Good Buy?
Using TipRanks’ technical analysis tool, the indicators seem to point to a negative outlook. Indeed, the summary section pictured below shows that six indicators are Bullish, compared to two Neutral and 14 Bearish indicators.
