TRUMP tokens to usher in large-scale unlocking, position over $1,000 address 12,000 remaining
On 12 April, CoinDesk reported that Trump's meme coin TRUMP will usher in a large-scale token unlocking next week, unlocking 40 million on 18 April, with the project team set to receive tokens worth $320 million, or roughly 20 per cent of the circulating supply. If the unlocked tokens are sold on the open market, there will be a serious imbalance in the supply-to-liquidity ratio, which could lead to further pressure on the price, which has shrunk by 83 percent from its high point since it went live on Jan. 18, when the price of the TRUMP tokens recently hit $7.14, and is currently priced at $8, according to Dune data.
According to Dune data, the number of TRUMP token holders has fallen to 637,000 from 817,000 at the time of its launch, with only 12,000 wallets currently holding more than $1,000 in TRUMP tokens, a significant drop from 143,000 on 19 January. Token unlocking is usually a positive event, though sometimes the market digests expectations ahead of time, causing the price to fall to new lows before the unlocking and rebound slightly after. It is uncertain whether the Trump team will sell the unlocked tokens, but selling them on the open market would put short-term pressure on the price, with the 2% market depth indicator suggesting that current liquidity levels of $980,000-$2 million would not be able to absorb a $320 million sell-off.
The meme boom is fading, with the total market capitalisation of meme tokens having plummeted from $119 billion in December last year to $45 billion today.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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