TRUMP Token Whale Transfer Sparks Sell-Off Fears Amid Volatility

A significant transfer of TRUMP tokens has stirred the cryptocurrency market. Whale Alert detected a movement of 15.3 million TRUMP tokens, valued at over $143 million, between unidentified wallets on the Solana network. This unexpected transfer has reignited concerns about a potential sell-off among traders.

The TRUMP coin has historically faced high volatility due to political speculation and hype. Currently priced at $9.24, the token has seen a marginal increase of 0.02 percent in the past 24 hours. However, analysts warn that the token is trading near a critical support level at $9.21. A drop below this point could trigger panic selling. On-chain data indicates increasing outflows, suggesting that holders might be transferring tokens to exchanges with the intention to sell.

Recent whale activity has added pressure to short-term price movements. The TRUMP coin’s trading volume has surged by 117% in the last 24 hours, reaching $308 million, which signals heightened interest and tension in the market. Earlier in the day, the token briefly dipped below $9.10 but quickly recovered as buyers entered the market, demonstrating strong short-term support. However, market observers remain cautious due to the substantial transfer from unknown wallets.

Adding to the market's buzz, TikTok refuted claims by a U.S. Congressman that its owners had purchased $300 million worth of TRUMP tokens. All eyes are now on the TRUMP coin’s next move. Will it maintain the $9.21 support level or succumb to the pressure? The upcoming trading sessions could be pivotal for the token’s future.