Significant Movements in TRUMP Token Ahead of Major Unlock
The Official Trump (TRUMP) meme token is currently witnessing intense fluctuations, with major sell-offs from large investors, referred to as whales, amid apprehensions related to an upcoming token unlock. In the last week, the cryptocurrency saw a 6% rise but has experienced a notable decline of 30% over the past month. These price shifts coincide with news that former President Donald Trump is allegedly working on a new crypto initiative, themed around a Monopoly-style game.
Whale Activity Before Token Unlock
Despite a recent uptick to $8, which reflects a 1.5% increase in the last 24 hours, the TRUMP token is encountering considerable selling pressure. According to data from The Data Nerd on X, two wallets collectively offloaded $4.94 million in TRUMP, with one wallet exchanging $2.48 million for 316,620 TRUMP tokens and another swapping $2.46 million for 313,720 tokens. This sell-off is occurring just ahead of a significant token unlock event set for April 18, during which 40 million tokens, worth over $320 million, are scheduled to be released to the project’s development team. This unlock will increase the circulating supply by around 20%, raising fears of a potential price crash.
Trump’s New Crypto Game Initiative
Reports from Fortune, citing anonymous sources, indicate that Donald Trump is working on a new crypto game that draws inspiration from Monopoly. According to these sources, the game will be similar to Monopoly Go!, allowing players to earn in-game currency by constructing buildings on a virtual Monopoly board. Bill Zanker, a long-time associate of Trump, is said to be spearheading this project. However, Hasbro, the company that owns the Monopoly brand, has confirmed that it has not granted any licensing rights to any Trump-related organizations for a crypto endeavor.
Concerns Arise Over Developer Liquidity Withdrawals
Adding to the concerns surrounding the TRUMP token, blockchain analytics firm Lookonchain revealed that the development team removed $4.6 million USDC from the liquidity pool, converted it to Ethereum, and transferred it to Coinbase Prime. This action has raised red flags among crypto watchdog MASTR, which labeled the transaction as indicative of “straight-up fraud in motion.” The withdrawal of USDC could hinder the buying and selling of TRUMP tokens without triggering significant price volatility and suggests a lack of confidence from the developers regarding the project’s prospects.
TRUMP Token Price Analysis
Analyzing the 4-hour chart for the TRUMP token reveals the Relative Strength Index (RSI) hovering around 44.50, reflecting a neutral market sentiment, indicating that the token is neither in an overbought nor oversold position. The chart includes Fibonacci retracement levels, essential for identifying potential support and resistance. Key levels to note are the 0.236 Fib level at $8.79, the 0.382 Fib level at $8.22, the 0.618 Fib level at $7.71, and the 1.618 Fib level at $6.12. Currently, the price is near the 0.382 Fib level ($8.22). Should the selling pressure persist, the next support level to monitor will be the 0.618 Fib level ($7.71), while the 0.236 Fib level ($8.79) serves as immediate resistance; a breakout above this level could lead to further upward movement.
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