TRUMP Coin Sell-Off Sparks Debate: Whale Dumps $23.8 Million as Momentum Peaks
Donald Trump’s newly launched meme coin, TRUMP, is grabbing headlines with dramatic price surges and significant sell-offs. On January 18, 2024, a crypto whale dumped their entire $23.82 million TRUMP holdings after making an impressive profit, raising questions about the token’s long-term stability.
Whale Cashes Out $11.8 Million Profit
The spotlight fell on TRUMP after a major investor, referred to as a “whale,” executed a high-stakes buy-and-sell maneuver. The whale initially spent 12 million USDC to purchase 860,895 TRUMP coins at an average price of $13.94. As the price soared, they strategically sold their entire holding at an average price of $27.67, securing a profit of $11.8 million.
This move, revealed by crypto analytics platform Lookonchain, highlights the volatile nature of the meme coin market.
“A whale dumped 860,895 $TRUMP for 23.8M $USDC, spending 12M $USDC to buy and selling at $27.67 for an $11.8M profit!” – @Lookonchain
Team Sell-Off Fuels Concerns
In addition to the whale’s actions, reports have surfaced alleging that Trump’s team has sold $500 million worth of TRUMP tokens while retaining control of 85% of the total supply. This concentration of tokens raises concerns about future market manipulations and the potential for significant price corrections.
TRUMP’s Price Momentum: A Double-Edged Sword
Despite these sell-offs, TRUMP continues to ride a wave of bullish momentum, surging over 330% in the past 24 hours. After hitting an all-time high of $35, the price has corrected slightly to $27.75. This correction has not deterred new investors, as the meme coin’s popularity continues to attract attention.
However, with only 200 million tokens currently in circulation out of a 1 billion total supply, market watchers are raising red flags. Future token releases could dilute the circulating supply, potentially leading to price declines.
Impact on Solana
TRUMP’s launch on the Solana blockchain has also contributed to driving the price of Solana (SOL) above $235, showcasing the broader impact of the meme coin’s momentum. The synergy between TRUMP and Solana emphasizes the growing importance of blockchain platforms in supporting viral tokens.
What’s Next for TRUMP Coin?
As TRUMP gains traction, its future remains uncertain amid rising concerns about concentrated supply and large-scale sell-offs. The coin’s potential for volatility presents both opportunities and risks for investors.
Key Takeaways:
- Whale Sell-Off: A major investor cashed out $23.8 million, making an $11.8 million profit.
- Team Actions: Alleged $500 million worth of tokens sold by Trump’s team sparks concerns.
- Supply Risks: Only 200 million tokens are circulating, with more releases expected.
- Market Impact: TRUMP’s success has boosted Solana’s price above $235.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.
