Official Trump (TRUMP), a meme coin launched by President Donald Trump on Solana, has seen a dramatic price drop after Trump's inauguration.
Meme coin TRUMP (TRUMP) has seen a large price drop following President Donald Trump's inauguration. In the past 24 hours, the token has tanked from $74 to just $38, sending some investors into panic mode.
While it's still unclear why the token took such a sharp dive, some link it to unrealized expectations surrounding Trump's inauguration speech. On Monday, Jan. 20, crypto traders were hoping for some crypto-related news, only to be let down when Trump didn't mention crypto at all during his 30-minute address.
TRUMP SPEECH ENDS WITH NO MENTION OF CRYPTO: INAUGURATION
However, as the token price drops, some large investors are stepping in, seemingly betting on a potential rebound. According to lmk.fun, a platform that tracks major movements on the Solana chain, whales are diving in and buying up TRUMP at the lower prices.
“Multiple whales are buying the $TRUMP dip! Two hours ago, one whale spent 7.06M $USDC to buy 207.87K $TRUMP at $34. Another whale spent 3.167M $USDC to buy 99.53K $TRUMP at $31.8,” the platform's account said in an X post on Jan. 21 as TRUMP price dropped.
TRUMP has been one of the most volatile tokens in the meme coin world, spiking by thousands of percent in a short amount of time. At one point, the token's market cap shot up to $31 billion, surpassing the likes of Cardano (ADA), TRON (TRX), Bitcoin Cash (BCH), and more.
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