Trump’s official memecoin collapsed despite a massive $ 320 million unlocking in thin holiday trading
Trump, Memecoin tied to US president Donald Trump, gained more than 9% in the past 24 hours following A $ 320 million token unlock. The price is now sitting around $ 8.40, still dropping more than 88% from its climax above $ 71 on January 18.
Recent unlocking can spell additional problems for investors, estimated to be out of total $ 2 billion after purchase The token earlier this year.
Token unlocks usually flood the market with a new supply and the prices are likely to be depressed. But in this case, the market will appear to be priced at first, which potentially explain the price increase. However, the $ 320 million unlock increases the risk of a huge sale, especially because of Trump’s thin liquidity.
Data from CoinMarketCap It is shown that only $ 1.3 million can move the token price of 2% to major exchanges. The move also came on the weekend of the Easter holiday, when trade volumes were covered and price swings could be clearer.
On social media, rumors are spinning about a possible event for big token holders, which Trump is said to have arranged. These claims remain unspecified and highly speculative.
Data from Dune Analytics show that there are 636,000 Trump token holders holding a chain, with 12,285 wallets with over $ 1,000 cryptocurrency worth of cryptocurrency.
