The meme coin associated with Donald Trump (Trump Official-TRUMP) is facing increasing pressures, as blockchain analysis reveals a coordinated sale of TRUMP coins valued at nearly one million dollars just hours ago, marking the latest link in a series of concerning mass sell-offs by the currency team.
The selling activity returns to transfers through wallets that began 8 days ago, when 744,971 TRUMP coins valued at $8 million were transferred from the Meteora Vault Authority treasury wallet via a multi-signature Squads wallet, likely managed by the TRUMP currency team.
Accordingly, the new wave of selling comes amid a continued bleed of losses in the value of the currency, which is currently trading down about 85% compared to the all-time high recorded at $73. Additionally, it is set for an imminent release of a portion of the supply valued at $520 million scheduled for July 18. At the time of writing, the price of the TRUMP currency is down about 4.4% at $10.36.
