The wallet connected to TRUMP meme coin developer address has deployed range liquidity between $12.7 and $17.9 range on Meteora DEX, where the primary TRUMP-USDC trading pair is available. Using this position, the supposed developer wallet aims to stabilize TRUMP’s price within a range.
While the developer himself is launching a liquidity provision strategy, the move has sparked rumours among the community that the price of TRUMP could probably no longer surge above $17.9 or fall below $12.7, which is not true.
In a X post, onchain data analytics platform Arkham Intelligence noted the move, citing that this TRUMP developer connected address is buying $2 million of tokens. This address directly received TRUMP tokens from the developer wallet address, hence its said to be one of the developer wallets.
Deploying liquidity within a certain price range means that the liquidity provider (LP) wants to use their assets for that range only. In the case of TRUMP developer, they have deployed liquidity within the $12.7 to $17.9 range.
So as TRUMP price keeps moving between this range, the developer wallet will keep buying the tokens automatically. So far the wallet has acquired $170k of TRUMP tokens as of now and it will continue until $2 million liquidity runs out.
The range liquidity deployment also suggests that developers are potentially eying the underlying range at a fair price. In the near future, the sell-off could take place when TRUMP price rises to $17.9 while $12.7 marking a key support.
Launched on 18th January 2024, TRUMP meme coin quickly pumped as high as $74 – as per market data. It was officially announced by the U.S. president Donald Trump, two days before his inauguration.
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