$74M TRUMP Tokens Moved by Crypto Whales: Will a Selloff Follow?

• The TRUMP meme coin faces heightened market volatility as $74 million worth of tokens were moved by whales.
• Concerns about market manipulation, coupled with broader declines in Solana-based meme coins, have left investors cautious about the token’s long-term prospects.

The TRUMP meme coin, which gained traction following President Donald Trump’s second inauguration, has seen significant price movements not forgetting heightened attention from the crypto community. Initially showing promise with a bullish breakout pattern, the TRUMP token is now sowcasing signs of uncertainity following recent selloffs and whale activity.

Bullish Signals and Market Action

Crypto analyst Ali Martinez observed a potential bullish trend for TRUMP, citing the formation of a falling wedge pattern on lower timeframes. Via the x platform, the analyst deduced that such technical formations are typically indicative of a reduction in selling pressure, suggesting that after a period of consolidation, the token could experience a price rebound. Notably, Martinez predicts that TRUMP could see a rise toward the $54 mark, given the increasing likelihood of a breakout.

Despite the optimism, the TRUMP meme coin has had a bumpy ride. After reaching a high of $60 shortly after its launch, the token saw a steep decline to $40.25, an 11% drop within just 24 hours. However, even with this downturn, the token managed to maintain an impressive $31.82 billion in trading volume, reflecting continued interest despite the price fluctuation.

The ongoing consolidation around the falling wedge pattern has only fueled speculation about TRUMP’s next move. With a market cap of $8.05 billion and 200 million tokens in circulation, the meme coin could experience a breakout soon, provided the reduced selling pressure continues.

Whale Activity Raises Concerns

Recently, crypto whales have been making moves that have raised eyebrows in the TRUMP token community. Two major transactions, totaling $74.22 million, were recorded shortly after Trump’s inauguration. One transaction, highlighted by Lookonchain, saw the sale of 194,799 TRUMP tokens worth approximately $6.83 million. The seller, identified as the wallet “Ansem,” incurred a loss of around $2.55 million, selling at a price lower than the purchase price.

In another transaction, Whale Alert reported the transfer of 1,621,351 TRUMP tokens—valued at about $67.4 million—from one unknown wallet to another. This move has sparked fears that more sell-offs could be on the horizon, as whales offload large quantities of TRUMP, potentially leading to further downward pressure on the token’s price.

The timing of these transactions, following Trump’s inauguration, has raised speculation about the possibility of a pump-and-dump scenario. These kinds of high-volume movements often signal an unstable market, with larger investors looking to take profits or move assets before a further decline.

Market Woes for Solana Meme Coins

Alongside TRUMP, other Solana-based meme tokens like MELANIA and BONK have also seen substantial declines. MELANIA, which briefly gained significant traction, dropped by over 60%, while other tokens like WIF and MEW also faced losses in the past 24 hours.

The overall downturn in the meme coin sector is likely tied to growing investor caution. Despite TRUMP’s 440% price surge since its launch, its recent sell-off, combined with regulatory and ethical concerns, has left investors wary. Critics, including entrepreneur Mark Cuban, have raised alarms about potential market manipulation and the lack of investor safeguards in meme coin projects like TRUMP.

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