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 value now sits round $8.40, nonetheless down greater than 88% from its peak above $71 on Jan. 18.
The latest unlock could spell additional hassle for buyers, who’re estimated to have misplaced a complete of $2 billion after buying the token earlier this yr.
Token unlocks usually 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 danger of a giant sell-off, particularly given TRUMP’s skinny liquidity.
Knowledge from CoinMarketCap exhibits that simply $1.3 million might transfer the token’s value by 2% on main exchanges. The transfer additionally comes through the Easter vacation weekend, when buying and selling volumes are subdued and value swings could be extra pronounced.
On social media, rumors are swirling a couple of doable occasion for giant token holders, supposedly being organized by Trump himself. These claims stay unverified and extremely speculative.
Knowledge from Dune analytics exhibits there are at present 636,000 TRUMP token holders on-chain, with simply 12,285 wallets having greater than $1,000 value of the cryptocurrency.
