A recent withdrawal of $4.6 million from the TRUMP meme coin liquidity raises concerns among traders, especially ahead of an upcoming token unlock.
Withdrawal from Liquidity
The developers of the TRUMP meme coin withdrew a significant sum of $4.6 million from its liquidity pool. The funds were reportedly bridged to Ethereum (ETH) and later deposited into Coinbase Prime, which is primarily used for institutional investors.
Traders' Reactions
Many traders are expressing concerns that this move may signal a large sell-off. One trader noted, "When the dev moves like that, it’s usually one of two things.. exit or reposition. Either way, eyes on the next move." Another user reacted with a meme saying, "I didn’t choose the rug life, the rug life chose me."
Token's Financial Situation
As of now, the TRUMP meme coin has dropped 2.72% in the last 24 hours and is trading at $7.87, nearly 90% lower than its all-time high of $73.43. However, compared to its historical low of $4.29, the price is up by 83%. Over the past week, the token has risen more than 6%, with a market cap of $1.5 billion and a daily trading volume of $350 million.
In light of recent liquidity moves and the upcoming token unlock, traders remain wary of potential market manipulation regarding the TRUMP meme coin.
