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 bother for traders, who’re estimated to have misplaced a complete of $2 billion after buying the token earlier this yr.
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 worth 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 may transfer the token’s worth 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 worth swings may be extra pronounced.
On social media, rumors are swirling a few doable occasion for big token holders, supposedly being organized by Trump himself. These claims stay unverified and extremely speculative.
Knowledge from Dune analytics exhibits 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.
