Donald Trump’s official memecoin, TRUMP, has surged by over 9% in the last 24 hours, following a $320 million token unlock. Despite this increase, the token is still down over 88% from its peak in January.
The token unlock, which typically floods the market with new supply, may lead to further sell-offs due to TRUMP’s thin liquidity, with data suggesting that only $1.3 million in trading could shift its price by 2%. This surge occurred during the holiday weekend, when trading volumes are low, amplifying price swings.
Although rumors are circulating about potential events for large token holders, they remain speculative. As of now, there are 636,000 TRUMP token holders, with 12,285 wallets holding more than $1,000 worth of the cryptocurrency. However, investors who bought the token earlier this year have collectively lost around $2 billion.
