特朗普Memecoin無視期望，在4000萬令牌解鎖後上漲8％

4月18日，特朗普成員面臨著重大測試，因為4000萬個新令牌（近3億美元）輸入了流通。

On April 18, the TRUMP memecoin faced a crucial test as 40 million new tokens—valued at nearly $300 million—entered circulation. This release comprised 20% of the coin’s current circulating supply and 4% of its total future cap of 1 billion tokens.

4月18日，特朗普成員面臨著一項關鍵的測試，因為4000萬個新令牌（以近3億美元的流通）的流通。該版本佔硬幣當前循環供應的20％，其4％的未來上限為10億代幣。

Typically, such large unlocks would trigger a price drop due to sudden supply expansion. However, TRUMP defied expectations, notching up an 8% intraday price increase and pushing back above the $8 psychological threshold.

通常，如此大的解鎖會導致由於供應的突然擴張而觸發價格下跌。但是，特朗普違反了期望，使日內價格上漲8％，並以高於8美元的心理閾值推高。

This strong reaction suggests traders may have anticipated the unlock and priced it in early. With 24-hour trading volume spiking 68%, bullish sentiment appeared to temporarily overpower fears of dilution.

這種強烈的反應表明，交易者可能已經預料到解鎖並在早期定價。隨著24小時交易量的峰值68％，看漲的情緒似乎暫時壓倒了對稀釋的恐懼。

While the short-term price action seems promising, the bigger picture is more nuanced. TRUMP has fallen 88% from its all-time high of $74.59, highlighting a heavily weakened structure. The rally sparked by the unlock may simply be a reflex move within a longer downtrend, rather than the start of a lasting recovery.

雖然短期價格行動似乎很有希望，但更大的情況更加細微。特朗普的歷史最高額為74.59美元，降低了88％，突出了大量削弱的結構。解鎖引起的集會可能只是在更長的下降趨勢中的反射移動，而不是持久恢復的開始。

Furthermore, the memecoin’s network activity has dwindled significantly. Only 1,476 new wallet addresses were recorded recently, a stark contrast to the nearly 700,000 wallets created during its bullish phase. Without fresh demand or growing adoption, the recent pump could struggle to sustain momentum.

此外，Memecoin的網絡活動已大大減少。最近僅記錄了1,476個新錢包地址，與看漲階段創造的近700,000個錢包形成了鮮明的對比。如果沒有新的需求或不斷提高的採用，最近的泵可能難以維持動力。

On-chain data offers an interesting contrast. Despite the token’s sharp decline in price, Short-Term Holders (STHs) haven’operability_statusy shown signs of panic. TRUMP’s Net Unrealized Profit/Loss (NUPL) for these holders remains above capitulation levels. In essence, many investors appear content to hold, even through deep drawdowns.

鏈上數據提供了有趣的對比度。儘管代幣的價格急劇下降，但短期持有人（STHS）Haven'operability_statusy顯示了恐慌的跡象。這些持有人的特朗普淨未實現的盈利/損失（NUPL）仍然高於投票水平。從本質上講，即使通過深度縮減，許多投資者似乎也似乎滿足。

This kind of behavior reflects lingering optimism among retail participants and may explain why the market didn’t immediately crash after the unlock. Strong support remains around the $7 level, as buyers continue to absorb selling pressure.

這種行為反映了零售參與者的樂觀情緒，可以解釋為什麼在解鎖後市場沒有立即崩潰。隨著買家繼續吸收銷售壓力，強大的支持仍然存在於7美元的水平。

TRUMP’s tokenomics are structured with a hard supply limit of 1 billion tokens to be released over a three-year period. With only 20% currently in circulation, more unlock events are expected. These could lead to increased volatility, especially if large holders begin dumping tokens.

特朗普的令牌學的結構是在三年內釋放的硬供應限額為10億個令牌。目前只有20％的流通，預計會有更多的解鎖事件。這些可能導致波動性的增加，尤其是當大型持有人開始傾倒令牌時。

Still, the token’s post-launch fundamentals have held up better than some expected. While the initial hype has faded, the absence of full capitulation among holders suggests that TRUMP’s long-term outlook isn’t entirely bleak—at least not yet.

儘管如此，代幣的發出後基本面仍然比某些人預期的要好。儘管最初的炒作已經消失，但持有人之間沒有完全屈服的情況表明，特朗普的長期前景並不完全是黯淡的，至少還沒有。