Recent events in the $TRUMP token market raise concerns as a major holder begins to offload assets ahead of a potential Truth Social ETF launch.
Major Holder Activity with $TRUMP Tokens
A wallet tagged "Kewh32" placed a limit order to sell 275,672 $TRUMP tokens worth $2.49 million. This is occurring amid a 30% price drop for the $TRUMP token over the last month. Additionally, a batch of 100,000 tokens (approximately worth $1 million) was sold recently. The holder now retains over 369,000 tokens worth another $3.3 million.
Current Token Market Status
$TRUMP's price continues to decline, having dropped by 40% over the last 60 days and by 30% in the last month. Despite this, the token still shows a year-to-date gain of 645%, trading at an average price of $9. Its 24-hour trading volume was reported at $268 million.
Trump Media's ETF Plans
Trump Media is preparing proposals for a Bitcoin and Ethereum-based ETF. It is expected that the fund could raise up to $2.5 billion, making Truth Social one of the largest Bitcoin holders. Should the ETFs get approved, this could significantly impact the company's financial situation.
The $TRUMP token market faces specific challenges amid active sell-offs. Concurrently, Trump Media continues its ambitious plans to enter the cryptocurrency market with a new ETF, which could change the situation in the future.
