A recent massive transfer of TRUMP tokens worth over $143 million has caused concern among cryptocurrency market traders.
Overview of the Event
According to Whale Alert, a movement of 15.3 million TRUMP tokens was detected between unknown wallets on the Solana network. This event has triggered fresh fears of a sell-off among investors.
Market Analysis
The TRUMP token is currently priced at $9.24, having increased by 0.02% over the past 24 hours. However, analysts caution that the token is trading precariously near its major support level at $9.21, below which could trigger panic selling. On-chain data reveals increasing outflows, indicating potential selling of tokens.
Market Participants' Reaction
AlvaApp notes that recent whale activity is creating pressure for short-term price swings. The token's trading volume surged by 117% in the last 24 hours, crossing $308 million, signaling rising interest in the market. Meanwhile, TikTok denied claims made by Congressman Brad Sherman about purchasing $300 million worth of TRUMP tokens.
Market observers are closely watching the developments around the TRUMP token. The outcomes of the upcoming trading sessions could be pivotal for its future.
