Trump’s Memecoin TRUMP Sees 9% Gain After $320M Unlock, But Investors Face $2B Losses
TRUMP, the memecoin linked to former U.S. President Donald Trump, surged by 9% in the last 24 hours following a significant $320 million token unlock. The price of the token currently sits at $8.40, yet it remains over 88% down from its all-time high of $71 in mid-January.
Typically, token unlocks flood the market with new supply, which can depress prices. However, the market appears to have already priced in the release, which might explain the price increase. Still, with $320 million worth of tokens now in circulation, there is concern over a potential sell-off, especially given TRUMP’s low liquidity.
CoinMarketCap data suggests that a mere $1.3 million could shift the token’s price by 2% on major exchanges. This price movement comes amid the Easter holiday weekend, a time traditionally marked by lower trading volumes and greater potential for price swings.
Speculation is rife on social media, with rumors suggesting that Trump himself may be organizing an event for major token holders, though these claims have not been confirmed.
On-chain data from Dune Analytics shows there are 636,000 TRUMP token holders, but only 12,285 wallets hold more than $1,000 in the token. Despite the recent uptick, many investors are facing substantial losses, with an estimated $2 billion in total losses for those who bought in earlier this year.
