TRUMP Memecoin Plummets 19.84% as Whales Sell Off Holdings

TRUMP whales have been actively offloading their holdings, contributing to a significant decline in the memecoin's value. Over the past 24 hours, the memecoin experienced a 19.84% drop, reaching a three-month low. This selling spree by large holders has intensified market activities, with one whale withdrawing 260,000 TRUMP tokens from a major exchange and selling them for $2.048 million. Another whale followed suit, selling 309,514 TRUMP tokens worth $2.63 million at a loss of $14.06 million.

The increased selling activity by TRUMP whales has had a notable impact on the memecoin's price charts. The memecoin's value has been on a downward trend, losing 24.87% on the weekly charts and 37.79% on the monthly charts. At the time of writing, the memecoin was trading at $7.3, reflecting a significant decline in its value.

The bearish sentiment in the market is evident from the memecoin's aggregated funding rate, which turned negative after being positive the previous day. This shift indicates that shorts are paying longs, suggesting a higher demand for short positions and anticipating further price declines. Additionally, the memecoin's spot netflows turned positive, meaning exchanges are seeing more inflows than outflows, indicative of market bearishness.

The memecoin's selling activity is further supported by a negative order delta, which declined to a low of 23.14k. This negative delta implies that more sell orders are being executed in the market than buy orders. The memecoin's RSI also declined into oversold territory, indicating that investors and holders are bearish and lack conviction in the market. Such market conditions position the memecoin for more losses on its price charts.

If the selling activity persists, the memecoin could drop below $7 to a low of $6.5. For a trend reversal, the memecoin must reclaim $7.7 and record a daily close above it. The sustained decline in the memecoin's value raises questions about whether TRUMP is set for more losses or if a recovery is on the horizon. The current market conditions suggest that the memecoin may continue to face downward pressure unless there is a significant shift in investor sentiment.