TRUMP Meme Coin Soars to the Skies, Attracting Whales and High-Profile Traders

The price of the TRUMP meme coin soared to the skies on the back of excitement over President-elect Donald Trump's announcement.

The TRUMP meme coin, which soared to astronomical heights on January 18, 2024, has now attracted attention from several high-profile traders and large-scale investors, also known as whales.

One crypto whale made headlines after purchasing 860,895 TRUMP tokens for a total of $12 million at an average price of $13.94, according to Lookonchain. The investor then sold their holdings as the price surged, fetching an average price of $27.67 and booking an astonishing profit of $11.8 million.

Meanwhile, reports also emerged that Trump’s team sold $500 million worth of tokens and retained control of 85% of the total supply, raising concerns about potential market manipulation.

A whale just sold 860,895 $TRUMP for 23.8M $USDC.

This whale spent 12M $USDC to buy 860,895 $TRUMP at $13.94, then sold it at $27.67, making a profit of $11.8M!

Details:https://t.co/1f98ch5Pi4 pic.twitter.com/nfuYYShyij

As the clock ticked past the coin’s launch, a wallet called “LeBron” swiftly converted $1 million USDC into 4.52 million TRUMP tokens, Lookonchain reported. This investment doubled to $2 million in mere hours, reflecting the token’s explosive momentum.

At one point, another trader managed to turn $1.1 million into $70 million over the course of four hours. They sold 1.35 million TRUMP tokens for $3.65 million USDC and held onto the remainder, which were now worth $67.5 million of the tokens.

Another trader, known pseudonymously as “0xsun,” also spent $653,000 and 3,000 Solana for 1 million TRUMP tokens, later selling part of their stake for $812,000 to net more than $3.7 million in profit.

Turned $1.1M into $70M in just 4 hours—incredible!

This trader has sold 1.35M $TRUMP for $3.65M, and still holds 4.62M $TRUMP($67.5M), bringing his total profit to over $70M!

Details:https://t.co/m1k6zmKgLA pic.twitter.com/U3IeU23PER

Whales Boost TRUMP Meme Coin with $14.3M in SOL

Large-scale investors, better known as whales, further led the movement of TRUMP. That whale transferred 61,205 SOL, worth more than 14.3 million dollars in equivalent value, from OKX to purchase 1.27 million pieces of TRUMP tokens. He used 8.5M USDC while buying 1.03M pieces on average for approximately $8.28 per token.

Despite some profit-taking, TRUMP hit an all-time high of $35 before pulling back to $26.72, a 328% increase within a single day.

TRUMP currently has a circulating supply of 200 million tokens out of 1 billion. While this seems low, considering plans to release an additional 800 million more in the coming three years instills fear of possible price pressures. These concerns, coupled with market manipulation allegations on account of massive sales of tokens by Trump’s team, have left investors cautious.

The TRUMP token received an explosion of attention following Donald Trump’s announcement via social media. A tribute to “winning” and coming back, as defined by Trump himself, it calls for celebration. On its official website, though, this coin declares it does not have utility or inherent value; therefore, the coin is simply a symbolic digital asset.

As of now, TRUMP’s market capitalization has reached almost $6 billion, according to CoinMarketCap. While the coin has delivered monumental returns to a handful of traders, skepticism about the coin’s long-term viability persists. The token’s association with Trump, further combined with the lack of tangible use cases, has left critics questioning the authenticity of the token.

The explosive entrance of the TRUMP meme coin reflects how speculative cryptocurrency markets are. Though some investors have been able to make a killing, issues of market manipulation, over-supply of tokens, and a lack of utility of the coin may affect its future. Whether TRUMP will be the symbol for triumph or a passing fad is a story that keeps unfolding.

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