TRUMP Sell-Off Begins? Whale Sells $23.82 Million in Holdings
Today, January 19, 2024, while major cryptocurrencies appear to be in trouble, Donald Trump’s newly launched meme coin “Official Trump” (TRUMP) is making waves and gaining traction among crypto enthusiasts of great concern. The underlying reason behind this concern is trump coin Over 300% momentum and President-elect Trump’s posts.
Crypto whale sells entire Trump meme coin
On January 18, 2024, the price of TRUMP began to surge after a post was published on X (formerly known as Twitter). Noting the potential for its upward momentum, one crypto whale spent 12 million USDC to purchase 860,895 TRUMP meme coins at an average price of $13.94.
However, as the price continued to rise sharply, the same whale sold all of his TRUMP holdings at an average price of $27.67, making a profit of $11.8 million.
In addition to the massive sell-off, a cryptocurrency expert revealed on X that the Trump team has allegedly sold $500 million worth of TRUMP tokens while retaining 85% of the total supply.
Trump Price Momentum
Despite the sharp sell-off, Trump’s stock price reached a high of $35. However, prices now appear to be correcting due to some profit taking. As of this writing, the Meme coin is trading at $27.75, maintaining a massive 330% gain over the past 24 hours.
The massive price increase over the past 24 hours has been attracting new investors and cryptocurrency giants, causing the price of the Meme coin to continue to rise.
With only 200 million of the total 1 billion TRUMP currently in circulation, concerns are growing about the potential impact of future token issuances. A large influx of tokens into the market may result in price declines and corrections.
