A large transfer of TRUMP has shaken the cryptocurrency market. Whale Alert flagged a movement of 15.3 million TRUMP tokens, worth over $143 million, between unidentified wallets on the Solana network. This sudden change has raised new fears of a sell-off among traders.
This is because TRUMP has been struggling with high volatility due to political hype and speculation. The token is currently priced at $9.24 and has increased slightly by 0.02% in the last 24 hours.
However, analysts warn that the token is precariously trading near its key support level of $9.21. A drop below could trigger panic selling. On-chain data shows increasing outflows, suggesting that holders may be transferring tokens to exchanges for selling purposes.
AlvaApp indicates that recent whale activity is putting pressure on short-term price volatility. The trading volume of TRUMP has increased by 117% in the last 24 hours, surpassing $308 million, signaling increased interest and tension in the market.
The token has slightly dipped below $9.10 earlier today but quickly recovered as buyers entered the market and showed good support in the short term. However, market observers remain cautious about a large amount of money moving out of unidentified wallets.
Adding to the buzz, TikTok has denied the claim by U.S. Congressman Brad Sherman that its owner purchased $300 million worth of TRUMP tokens. All eyes are now on the next move of TRUMP. Will it hold the $9.21 level or collapse under pressure? The next few trading sessions could be a success or a failure.
