$300 million worth of TRUMP Tokens Set For Release
TRUMP tokens are set to flood the crypto space, putting the Solana-based memecoin in an awkward position
The project will give its team 40 million tokens on April 18th. TRUMP’s first significant unlock will allocate the market an extra 20% of the current supply in circulation. 493,000 TRUMP tokens will be unlocked daily until the next big unlock in July.
The expectation of more tokens becoming available has sparked worries about possible price effects. At $8.3, TRUMP is currently down more than 5% today. CoinMarketCap data indicates that the token is currently 88 percent below its peak of $73.4, which was reached on January 19.
Trump’s token trading volume increased by a fifth to $450 million on the final day because the market was more active before the unlock.
On-chain data indicates that investor interest is diminishing.
A Dune dashboard shows that the total number of wallet holders has decreased to 638,000, which reflects a 0.3 percent drop this week and a significant decline from the 800,000 holders recorded in January. Many users possess small, speculative holdings of TRUMP, as fewer than 13,000 wallets contain more than $1,000 in TRUMP.
Support is around $7.50, where TRUMP has previously attracted buyer interest. If it falls below this level, the price may decline toward $6.80. Resistance is expected on the upside near the longer-term moving averages of $9 and $10.5.
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