Despite $320 Million Unlock, Trump’s Official Memecoin Experiences Significant Gains in Low-Volume Holiday Trading

Trump’s Memecoin TRUMP Gains 9% After $320 Million Unlock, But Still 88% Below All-Time High

Trump’s memecoin, TRUMP, experienced a 9% surge in the last 24 hours, following the release of $320 million in unlocked tokens. Despite this rise, the token is still trading significantly lower, down over 88% from its peak of $71 reached on January 18, with its current price at $8.40.

The massive unlock raises concerns for investors, who have collectively lost around $2 billion since the token’s introduction earlier this year. Token unlocks typically introduce large amounts of new supply, leading to downward price pressure. However, it appears that the market may have already factored in the release, offering some explanation for the price rebound.

Nonetheless, the $320 million worth of unlocked tokens heightens the possibility of a significant sell-off, especially given TRUMP’s limited liquidity. CoinMarketCap data reveals that just $1.3 million in trades can move the token’s price by 2% on major exchanges. Additionally, the unlock event coincided with the Easter holiday weekend, a period of typically low trading volumes, which tends to amplify price fluctuations.

On social media, rumors are circulating about an upcoming event for large TRUMP token holders, reportedly orchestrated by Trump himself. These rumors remain unverified and should be considered speculative.

According to Dune Analytics, there are currently 636,000 TRUMP token holders, but only 12,285 wallets hold more than $1,000 in value of the token.