Trump, Memecoin tied to US President Donald Trump, got more than 9% over the last 24 hours after a $ 320 million token lock. The price now sits around $ 8.40, still down more than 88% from its peak over $ 71 on January 18.
The recent unlock may be spelled additional problems for investors who are estimated to have lost a total of $ 2 billion after purchasing the token earlier this year.
Token Unlocks typically floods the market with new supply and tends to lower prices. But in this case, the market seems to have priced in release in advance, which potentially explains the award Uptick. Still, the $ 320 million lock lock raises the risk of a large sale, especially considering Trump’s thin liquidity.
Coinmarketcap data shows that only $ 1.3 million could move token’s price by 2% on larger exchanges. The move also comes in the Easter holidays when trading volumes are muted and price fluctuations may be more pronounced.
On social media, rumors of a possible event are swirling for large token holders allegedly organized by Trump himself. These allegations do not remain -verified and very speculative.
Data from Dune Analytics shows that there are currently 636,000 Trump token holders on the chain, with only 12,285 wallets that have more than $ 1,000 worth of cryptocurrency.
