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Trump's Official Memecoin Surges Despite Massive $320 Million Unlock in Thin Holiday Trading
Despite the price increase, the token is still down over 88% from its peak and investors have lost a total of $2 billion.
What to know:
- Donald Trump's TRUMP memecoin has gained over 9% in the past 24 hours, following a $320 million token unlock.
- The token unlock could still lead to a large sell-off, given the token's thin liquidity, with data showing that just $1.3 million could move the price by 2% on major exchanges.
- There are currently 636,000 TRUMP token holders, with only 12,285 wallets holding more than $1,000 worth of the cryptocurrency.
- Rumors are circulating about a possible event for large token holders, although these claims are unverified and speculative.
TRUMP, the memecoin tied to U.S. President Donald Trump, gained more than 9% in the past 24 hours following a $320 million token unlock. The price now sits around $8.40, still down more than 88% from its peak above $71 on Jan. 18.
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.
STORY CONTINUES BELOW
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Token unlocks typically flood the market with new supply and tend to depress prices. But in this case, the market appears to have priced in the release beforehand, potentially explaining the price uptick. Still, the $320 million unlock raises the risk of a large sell-off, especially given TRUMP’s thin liquidity.
Data from CoinMarketCap shows that just $1.3 million could move the token’s price by 2% on major exchanges. The move also comes during the Easter holiday weekend, when trading volumes are subdued and price swings can be more pronounced.
On social media, rumors are swirling about a possible event for large token holders, supposedly being organized by Trump himself. These claims remain unverified and highly speculative.
Data from Dune analytics shows there are currently 636,000 TRUMP token holders on-chain, with just 12,285 wallets having more than $1,000 worth of the cryptocurrency.
Francisco Rodrigues
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk's $1,000 disclosure threshold.
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