TRUMP Token Experiences Significant Sell-Off Ahead of Upcoming Token Unlock
The Official Trump (TRUMP) meme token is experiencing high volatility, driven by significant sell-offs from large holders and concerns over a token unlock event. The token rose 6% in the past week but has declined 30% over the last month.
Key Developments
- Current price at $8, up 1.5% in the last 24 hours.
- Two wallets sold a total of $4.94 million worth of TRUMP.
- A major token unlock on April 18 will release 40 million tokens, increasing circulating supply by 20%.
- Reports indicate President Trump is planning a Monopoly-themed crypto game, but Hasbro denies licensing any rights for this venture.
- The development team withdrew 4.6 million USDC from the liquidity pool, raising fraud concerns among analysts.
Market Analysis
The TRUMP token's Relative Strength Index (RSI) is around 44.50, indicating neutral momentum. Current Fibonacci retracement levels are:
- 0.236 Fib level at $8.79
- 0.382 Fib level at $8.22
- 0.618 Fib level at $7.71
- 1.618 Fib level at $6.12
If selling pressure persists, the next support level to monitor is $7.71. Resistance is at $8.79.
TRUMP 4-hour chart | Source: TradingView