Trump, a memo coin linked to US President Donald Trump, has won more than 9% in the last 24 hours after unlocking a $320 million token. The price is currently at around $8.40, but has dropped more than 88% from its peak at over $71 on January 18th.
The recent unlock could spell out further trouble for investors who are estimated to have lost a total of $2 billion after purchasing the token earlier this year.
Unlocking tokens usually tends to flood the market with new supply and lower prices. However, in this case, the market appears to have set the price for releases in advance, potentially explaining price increases. Still, the $320 million unlock has increased the risk of a massive sale, especially given Trump's thin liquidity.
CoinMarketCap data shows that just $1.3 million can move the token price by 2% on major exchanges. The move will also take place over Easter Holiday weekends, where trading volumes may be reduced and price fluctuations may become more pronounced.
Rumors have swirled around possible events for large token holders on social media, presumably organized by Trump himself. These claims remain untested and are highly speculative.
Data from Dune Analytics shows that 636,000 playing cards token holders are currently chained, and only 12,285 wallets have cryptocurrency of over $1,000.
