Trump Coin Price Drops As Team Dumps $17M Tokens To Exchange
Highlights
- The Official Trump meme coin struggled with a drop today.
- The dip comes as the team behind this crypto offloaded around $17 million worth of tokens to an exchange.
- The TRUMP price tumbled over 69% in the last six months.
The TRUMP coin price continued witnessing pressure today. It declined after its team’s wallets transferred millions of tokens into and out of custody and exchange addresses.
Offical Trump Team Moves Millions Worth of Tokens
The wallet for the “Official Trump Meme: Team Allocation” transferred 4.915 million TRUMP tokens today. According to Arkham Intelligence data, this stash valued at nearly $12.09 million made its way to the Fireblocks custody wallet “3S7zwP.”
Only a few minutes later, wallet 3S7zwP sent 7 million TRUMP, worth approximately $17.22 million, to a BitGo deposit address. It sparked concerns of a Trump coin selloff due to the exchange deposit.
Earlier, around three weeks ago, the team dumped around 7.58 million TRUMP tokens from Fireblocks to BitGo deposit wallets some weeks ago. The on-chain activity from the team wallets led to uncertainty in the market with Trump coin price extending decline.
Earlier, last month, the meme coin continued dropping despite U.S. President Donald Trump’s Mar-a-Lago conference that invited TRUMP holders.
Trump Coin Price Dips Amid Latest Transfer
As per market data from TradingView, TRUMP was trading around $2.43-$2.44 in the past few transfers. The token fell about 1.04% in 24 hours following a quick surge past $2.55 in the session before heading back downwards. It defied the overall strong performance in the crypto market today.
The overall trend was also down at higher time frames. According to Coinglass data, the TRUMP coin has lost 14.50% in the last 30 days. Moreover, it nosedived 69.05% over the past six months. In addition, the losses for the yearly timeframe reached almost 49%.
Derivatives activity was indicative of increased volatility after the transfers. Open interest in futures plunged over 10% to around $136.7 million. It suggests that traders are becoming cautious and dumping their Trump coin positions. Meanwhile, 24-hour futures volume edged up to over $196 million.
Liquidation data also indicated that most of the losses taken by the long traders were recent. Total liquidations topped nearly $606,650 in the last 24 hours, with nearly $486,650 in long liquidations. While, Trump coin registered approximately $120,000 in short liquidations.
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