Trump’s Official Memecoin Surges Despite Massive $320 Million Unlock in Thin Holiday Trading

TRUMP, the memecoin tied to U.S. President Donald Trump, gained greater than 9% in the previous 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 current unlock might spell additional bother 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. But in this case, the market seems to have priced in the discharge beforehand, probably explaining the worth uptick. Still, the $320 million unlock raises the chance of a big sell-off, particularly given TRUMP’s skinny liquidity.

Data from CoinMarketCap exhibits that simply $1.3 million might 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 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.

Data 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 value of the cryptocurrency.