Today, January 19, 2024, while major cryptocurrencies seem to be struggling, Donald Trump’s newly launched meme coin, Official Trump (TRUMP), is making waves and gaining significant attention from crypto enthusiasts. The potential reason behind this attention is the TRUMP coin’s over 300% upside momentum and a post made by President-elect Trump.
Crypto Whale Sold Entire TRUMP Meme Coin
On January 18, 2024, following a post on X (formerly Twitter), the price of TRUMP began soaring. Noticing its potential for upside momentum, a crypto whale spent a significant 12 million USDC to purchase 860,895 TRUMP meme coins at an average price of $13.94.
However, as the price continued to rise significantly, the same whale dumped their entire TRUMP holding at an average price of $27.67, making a profit of $11.8 million.
Adding to this massive sell-off, a crypto expert revealed on X that Trump’s team has allegedly sold $500 million worth of TRUMP tokens while retaining 85% of the total supply.
TRUMP Price Momentum
Despite this substantial dumping, TRUMP reached a high of $35. However, due to some profit-taking, the price now appears to be correcting. At the time of writing, the meme coin trades at $27.75, maintaining a significant 330% gain in the past 24 hours.
This significant price surge in the past 24 hours has consistently attracted new investors and crypto giants, contributing to the continuous price increases the meme coin is experiencing.
With only 200 million TRUMP of the total 1 billion supply currently in circulation, concerns are rising over the potential impact of future token releases. A significant influx of tokens into the market could lead to price declines and corrections.
