The TRUMP memecoin has surged amid uncertainty over holiday trading, with a $320 million token unlock sparking speculation about potential price movements and the involvement of former US President Donald Trump.
Trump’s Official Memecoin Surges Despite Massive $320 Million Unlock in Thin Holiday Trading
The TRUMP memecoin has gained over 9% in the past 24 hours following a $320 million token unlock.
The Price Uptick: A Market Reaction to Uncertainty
A $320 million token unlock, which is roughly 20% of the total supply, could still lead to a large sell-off due to thin liquidity. Data shows that just $1.3 million in trading volume could move the price by 2% on major exchanges.
The State of TRUMP Token Holders
Currently, there are 636,000 TRUMP token holders on-chain, with only 12,285 wallets holding more than $1,000 worth of the cryptocurrency. This concentration of wealth among a small group of investors amplifies the risks associated with any potential price movements.
Speculation Surrounds Large Token Holders Event
Rumors are circulating about a possible event for large token holders, supposedly being organized by Trump himself. However, these claims remain unverified and highly speculative, adding to the uncertainty surrounding the memecoin’s future.
The recent unlock may spell further trouble for investors, who are estimated to have lost a total of $2 billion after purchasing the token earlier this year. Despite the price increase, the token is still down over 88% from its peak above $71 on Jan. 18.
Trump memecoin is a cryptocurrency inspired by former US President Donald Trump.
It was created as a meme and has no official affiliation with the former president or his family.
The coin's value is largely speculative and can fluctuate rapidly due to market volatility.
As of 2022, there are over 1,000 cryptocurrencies in existence, including memecoins like 'Dogecoin' and 'SafeMoon'.
Trump memecoin is not a legitimate investment opportunity but rather a novelty item for cryptocurrency enthusiasts.
