Trump’s Memecoin TRUMP Rises 9% Despite $320 Million Unlock, But Still Down 88% From Peak
The memecoin linked to U.S. President Donald Trump, TRUMP, saw a 9% price increase in the last 24 hours following a $320 million token unlock. However, despite this uptick, the token remains down over 88% from its January 18th peak of $71, currently trading around $8.40.
The recent unlock has raised concerns for investors, with an estimated $2 billion in losses since the token’s launch earlier this year. Token unlocks typically flood the market with additional supply, which generally suppresses prices. However, the market seemed to have priced in this release in advance, which may explain the temporary surge in TRUMP’s value.
Despite this, the $320 million unlock poses the risk of a significant sell-off, especially due to the token’s low liquidity. According to CoinMarketCap, only $1.3 million in trades is needed to move the token’s price by 2% on major exchanges. Additionally, the timing of the unlock during the Easter holiday weekend, when trading volumes are typically lower, increases the potential for larger price fluctuations.
Speculation is also circulating on social media regarding a potential event for large TRUMP token holders, allegedly being organized by President Trump himself. However, these rumors remain unconfirmed and speculative.
On-chain data from Dune Analytics shows there are currently 636,000 TRUMP token holders, with only 12,285 wallets holding more than $1,000 worth of the cryptocurrency.
