2 months ago
U.S. President Donald Trump's memecoin (TRUMP) volition acquisition a major token unlock adjacent week, with the squad down the task acceptable to person $320 million, astir 20% of the circulating supply.
The unlock mightiness beryllium different stroke for the thousands of investors who reportedly lost a corporate $2 billion aft purchasing the token successful January.
TRUMP presently trades astatine $8.03, having mislaid 83% of its worth since Jan. 18, 2 days earlier Trump was inaugurated arsenic president.
Token unlocks are typically bearish events, arsenic they impact flooding the marketplace with caller proviso without providing incentives to thrust demand. However, sometimes, the marketplace prices successful these unlocks, up of the release, starring to prices falling to caller lows heading into these events.
Dune data shows that determination are 637,000 unsocial holders of the TRUMP token, down from 817,000 erstwhile it launched. There are besides present conscionable 12,000 wallets that clasp much than $1,000 worthy of TRUMP, a fig that has dwindled importantly since Jan. 19 erstwhile 143,000 wallets held that magnitude oregon more.
It is unclear whether Trump and his squad volition offload the unlocked memecoins adjacent week, though selling connected the unfastened marketplace would beryllium catastrophic arsenic 2% marketplace depth, a metric utilized to measure liquidity implicit a 2% range, is betwixt $980K and $2 million, meaning that $320 cardinal of merchantability unit would nonstop terms into a decease spiral.
Memecoins, successful general, person mislaid astir of their hype pursuing a rhythm that was dominated by retail investors looking to "get affluent quick" connected recently minted memecoins, astir of which were launched successful shady deals wherever insiders would nett portion different investors would suffer out.
The memecoin marketplace headdress is down from $119 cardinal successful December to $45 cardinal today, according to CoinMarketCap.
English (US) 