TRUMP Token Drops 5% Following $24M Insider Token Offloading
The Official Trump token, known as TRUMP, has faced significant selling pressure following a sell-off by insiders. As of now, TRUMP is down by 5%, trading at approximately $14.11.
- Insiders offloaded over $24 million in tokens, leading to panic among retail investors.
- Key exchanges involved: Binance (700,000 tokens), OKX (350,000 tokens), Bybit (296,000 tokens).
- Market maker Cumberland DRW added another 300,000 tokens to the sell-off.
- Democratic Senators have requested an ethics inquiry into a private dinner hosted by Trump for TRUMP token holders, suggesting potential market manipulation.
Technical analysis shows that TRUMP has breached key support levels:
- Current price: $14.11, down from a high of $15.59.
- Support levels at 0.618 Fibonacci retracement ($14.12) and nearing 0.786 level ($13.78).
- Next targets could fall to $11.86, $9.56, or $7.26 if current support fails.
- Relative Strength Index (RSI) has dropped to 62.59, indicating fading bullish momentum.
- Bollinger Bands are tightening, signaling potential volatility ahead.
A recovery above $15.00 could lead to new highs.