The post Official Trump Unlocks 40M Tokens Worth $300M: What Next For TRUMP? appeared first on Coinpedia Fintech News
The TRUMP price has dropped 90% from its all-time high, which was recorded three months ago.
The latest TRUMP token could weigh down on potential bullish sentiment amid low buying pressure.
Official Trump (TRUMP) memecoin unlocked 40 million tokens, worth around $300 million on Friday, April 18. Around 36 million TRUMP tokens, representing 18 percent of the released supply, were allocated to creators and CIC Digital 1.
The remaining 4 million TRUMP tokens, representing around 2 per of the released supply, were allocated to creators and CIC Digital 4.
Friday’s TRUMP token release follows the January 18th 200 million unlock, worth about $1.5 billion.
As a result, TRUMP memecoin has a circulating supply of about 250 million and a maximum supply of 1 billion.
Impact of Today’s TRUMP Token Unlock
The TRUMP memecoin has gained significant popularity on the Solana network primarily due to its direct affiliation with the U.S. President Donald Trump. The mid-cap memecoin, with a fully diluted valuation of about $7.66 billion and a 24-hour average trading volume of about $278 million, has, however, been trapped in a multi-week falling trend.
The latest TRUMP token unlock will weigh down on bullish sentiment in the near future as the dilution from the early investors surges.
From a technical analysis, TRUMP’s price is well primed for a bullish rebound in the coming weeks. If Bitcoin (BTC) price leads the wider altcoin market to mirror gold price action, TRUMP price will likely rebound to form a new rising trend.
In the four-hour timeframe, TRUMP price, against the U.S. dollar, has been forming a reversal pattern characterized by a triple bottom coupled with bullish divergence of the Relative Strength Index (RSI).
A consistent close above the 50-day Moving Average (SMA) will trigger a rally toward the next liquidity range between $9 and $10.