Trump Team Dumps 3.527 Million Tokens Worth $32.8 Million. A Price Crash Ahead?

Key Insights

• Trump team dumps 3.527 million tokens worth $32.8 million

• Trump memecoin is facing massive selling pressure risking a dip to a 2 months low

Trump Team Dumps 3.527 Million Tokens

Official Trump [Trump] is facing significant selling pressure from all directions and market participants. The growing selling activity has surged, especially from the Trump core team. 

Cryptocurrency Transfers: Significant movements of 3.527 million TRUMP tokens valued at $32.8M were recorded from a source labeled "Official Trump Meme?" to a wallet on Binance in recent transactions.

According to Lookonchain, a wallet linked to the TRUMP team deposited another 3.527 million TRUMP tokens worth $32.8 million to Binance. Since April 28, wallets linked to the TRUMP team have deposited a total of 12.54 million TRUMP tokens worth $150.68 million to exchanges in 4 batches.

 For instance, a wallet linked to the TRUMP team deposited 4.17 million TRUMP tokens, $46.97 million, into various exchanges. Besides the Trump team selling activity, it seems other investors are also aggressively closing their positions. 

Aggregated buy vs sell volume for TRUMP token on major exchanges, displaying fluctuations from early May to mid-June. Green bars represent buy volumes, red bars indicate sell volumes, and the white line shows the delta. Exchanges included are Binance, Bitstamp, Coinbase, and Kraken.

Over the past day, the memecoin has recorded massive outflows with sellers offloading 1.15 million Trump tokens. For the last 12 days, Trump has recorded more selling volume on the spot, reflecting massive bearish sentiments. 

Also read: Trump rallies 12%

With all market participants, including the core team, turning to selling, it's a cause for alarm. Most of the time, such behavior reflects growing skepticism and a lack of market confidence among key players. 

When key market players turn bearish, it tends to spread across other stakeholders and could result in a massive price crash. 

Is Trump Memecoin Crash Inevitable?

According to our analysis, Trump is facing massive downward pressure as all players turn to selling. As of this writing, Trump was trading at $9. This marked a 42.8% decline over the last 30 days. 

Price chart showing the daily performance of the Trump token against the US Dollar on Coinbase. A recent downward trend is visible, with the current price at 9.02, down by 1.85%. Trading volume is at 160.38K, and the RSI indicates a level of 37.69, suggesting bearish momentum.

Amidst this price decline, Trump's RSI is almost entering the oversold zone. Currently, the memecoin's RSI sits at 30, and it continues to decline. Continued decline of this indicator suggests sellers are dominating the market. 

Therefore, if the current market conditions persist, Trump risks a dip to a 2-month low of $8.12. However, with the memecoin entering oversold territory, sellers could get exhausted and create a buying opportunity. 

At current levels, if buyers reenter the market, they could boost Trump to hit $9.65. Although, as of now, it seems the downtrend will continue unless external factors emerge.