TRUMP, the memecoin tied to U.S. President Donald Trump, gained greater than 9% previously 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 could spell additional hassle for traders, 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, doubtlessly explaining the value uptick. Nonetheless, the $320 million unlock raises the chance of a giant sell-off, particularly given TRUMP’s skinny liquidity.
Information from CoinMarketCap reveals that simply $1.3 million might transfer the token’s value by 2% on main exchanges. The transfer additionally comes in the course of the Easter vacation weekend, when buying and selling volumes are subdued and value swings will be extra pronounced.
On social media, rumors are swirling a few doable occasion for giant token holders, supposedly being organized by Trump himself. These claims stay unverified and extremely speculative.
Information from Dune analytics reveals there are at the moment 636,000 TRUMP token holders on-chain, with simply 12,285 wallets having greater than $1,000 price of the cryptocurrency.
