Today, on January 19, 2024, while major cryptocurrencies are struggling, Donald Trump’s newly launched meme coin, Official Trump (TRUMP), is gaining attention from crypto enthusiasts. This is because the TRUMP coin has seen over 300% upside momentum and a post made by President-elect Trump.
A crypto whale recently sold their entire TRUMP holding. On January 18, 2024, after a post on X (formerly Twitter), the price of TRUMP started to soar. The whale spent $12 million USDC to purchase 860,895 TRUMP meme coins at an average price of $13.94. However, as the price continued to rise, the whale sold their entire TRUMP holding at an average price of $27.67, making a profit of $11.8 million.
In addition to this 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.
Despite the sell-off, TRUMP reached a high of $35. However, the price is now correcting due to profit-taking. Currently, the meme coin is trading at $27.75, maintaining a significant 330% gain in the past 24 hours.
The price surge in the past 24 hours has attracted new investors and crypto giants, contributing to the continuous price increases of the meme coin.
There are concerns about the potential impact of future token releases. Currently, only 200 million TRUMP tokens are in circulation out of the total 1 billion supply. If a large number of tokens enter the market, it could lead to price declines and corrections.
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