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TRUMP The price of official TRUMP tokens has plummeted sharply
The official TRUMP tokens have quickly turned downward after experiencing a strong rally in the cryptocurrency market. The token briefly exceeded $3.60 yesterday, setting its highest level since March. However, wallets associated with the project team transferred 2.62 million TRUMP tokens to the OKX exchange, a move that exacerbated market concerns about selling pressure.
On-chain data tracking agency Lookonchain released a report based on data from Arkham Intelligence that the TRUMP project team has transferred 2.62 million tokens worth approximately US$6.2 million to OKX. Although the transfer of funds to exchanges is not directly equivalent to a sell-off, this trend has alarmed investors given the history of similar operations.
Why did TRUMP fall sharply?
Affected by the strong market rebound led by Bitcoin, TRUMP has first pulled sharply in the past 24 hours. Before the rise started, the price of the token was still below $1.50, and then soared to above $3.60 in a short period of time. As a result, TRUMP hit its highest point in nearly five months and once again ranks among the top 100 altcoins by market value.
However, selling quickly intensified after reaching a high. TRUMP fell back to $2.40 from the $3.60 level, which means a decline of about 33% from local highs.
The transfer sparked market speculation that the TRUMP team may have sold off during the rise. Although the transfer of tokens to the exchange itself does not prove that they have been sold, the team has previously been involved in rumors of selling due to similar operations, which makes this transfer particularly interesting.
The TRUMP team has previously attracted attention over the sell-off.
The official TRUMP token will be launched in January 2025, just two days before Donald Trump takes office as President of the United States. TRUMP soared to more than $73 in a few minutes, setting a record high, and then began to fall sharply.
In multiple subsequent increases in tokens, there have been reports that wallets associated with teams have transferred tokens to exchanges. Therefore, this latest transfer has also attracted close attention from the market.
Donald Trump has previously denied making personal profits from the token. Still, some U.S. senators have asked the Securities and Exchange Commission (SEC) to open an investigation alleging that TRUMP meme may have facilitated fraud or illicit enrichment that harmed investors.
(Original link omitted here)
How much has TRUMP lost in market capitalization?
Despite the recent decline, TRUMP remains among the top 100 altcoins by market cap with a market cap of about $600 million. However, the long-term performance of the token has been quite weak.
Considering that TRUMP hit an all-time high of more than US$73 in January 2025, the current price is still down about 97% from the all-time high.
In addition, the token fell to $1.37 last week, setting a record low. As a result, the recent rally is more of a sharp rebound in a short period of time than a complete end to a long-term downtrend.
What happens next for TRUMP?
For TRUMP, the key question in the short term is where the sell-off that started at a high of $3.60 will stop. Whether the wallets associated with the team will make new transfers to the exchange is also a focus of close attention for investors.
Of particular importance is whether the $6.2 million transfer ultimately translates into an actual sell-off, which will determine whether price pressures will continue. Currently, on-chain data only confirms the transfer behavior, but does not clearly confirm the selling itself.
This content is based on general market data and does not constitute investment advice. It is recommended that you conduct your own research.
