TRUMP, the memecoin tied to U.S. President Donald Trump, gained greater than 9% prior to now 24 hours following a $320 million token unlock. The worth now sits round $8.40, nonetheless down greater than 88% from its peak above $71 on Jan. 18.
The latest unlock might spell additional hassle for traders, who’re estimated to have misplaced a complete of $2 billion after buying the token earlier this 12 months.
Token unlocks sometimes flood the market with new provide and have a tendency to depress costs. However on this case, the market seems to have priced within the launch beforehand, probably explaining the value uptick. Nonetheless, the $320 million unlock raises the chance of a big sell-off, particularly given TRUMP’s skinny liquidity.
Information from CoinMarketCap reveals that simply $1.3 million may transfer the token’s worth by 2% on main exchanges. The transfer additionally comes through the Easter vacation weekend, when buying and selling volumes are subdued and worth swings might be extra pronounced.
On social media, rumors are swirling a couple of potential occasion for big token holders, supposedly being organized by Trump himself. These claims stay unverified and extremely speculative.
Information from Dune analytics reveals there are presently 636,000 TRUMP token holders on-chain, with simply 12,285 wallets having greater than $1,000 value of the cryptocurrency.