The transfer of the $143 million $TRUMP coin wheel to Solana sparked potential selling pressure. Traders are eyeing support at $9.21 as volume picks up.
A major TRUMP coin transfer has caused a stir in the crypto space today. Whale Alert reported that 15.3 million TRUMP tokens, worth over $143 million, were moved between unknown wallets.
MASSIVE TRUMP COIN MOVE RISES FEAR OF FRESH SELL.
The move has taken place on the Solana network and has raised eyebrows among market players. Such large movements often signal major changes to come, especially when they involve unknown parties.
The move comes at a time when $TRUMP coin is already showing signs of high volatility. Analysts say the transfer could add further pressure. AlvaApp noted that recent bull activity is creating momentum for a potential short-term price reversal.
On-chain data shows that the token has been seeing more outflows than inflows recently. Outflows indicate that holders are moving assets out of wallets, often to exchanges. This typically indicates an intent to sell, which can increase selling pressure and lower its price.
Today’s $TRUMP move fits into this pattern and is already causing caution among traders. This isn’t the first major move for the meme coin, but it’s one of the biggest yet.
Token Battles Key Support at $9.21
The token has gained attention in recent months riding on political hype and speculation. Now, trading at over $143 million, traders are watching every little move. Volatility could increase in the coming days as more reactions emerge.
If the price breaks below the $9.21 mark, it could spark further selling. But if it holds, buyers could regain control and stabilize its price. Right now, market watchers are weighing both scenarios. Most agree that the next few sessions will be crucial.
Whale movements and volatility have boosted Trump volume.
TRUMP coin is trading at $9.29 today, showing a small increase of 0.02% over the past 24 hours. The market cap is stable at $1.85 billion, while trading volume is up 79% to over $308 million.
This increase in volume indicates an increase in trader interest and activity. The chart shows a sharp decline below $9.10 earlier today, followed by a quick rebound. Despite the decline, buyers quickly stepped in to push the price back up.
Earlier, popular social platform TikTok denied Congressman Brad Sherman's allegations that the platform's owners had bought $300 million worth of the digital asset.