A massive TRUMP coin transfer has shaken up the crypto market. Whale Alert flagged a move of 15.3 million TRUMP tokens, worth over $143 million, between unknown wallets on the Solana network. The sudden shift has triggered fresh fears of a sell-off among traders.
This is because TRUMP coin already struggles with high volatility caused by political hype and speculation. Trading at $9.24, the coin has experienced a slight increase of 0.02 percent in the last 24 hours.
Nevertheless, analysts caution that the token is trading precariously near its major support point at 9.21. A fall below may cause panic selling. On-chain data shows increasing outflows, suggesting holders may be moving tokens to exchanges with the intent to sell.
AlvaApp pointed out that recent whale activity is creating pressure for short-term price swings. The TRUMP coin’s trading volume has surged 117% in the last 24 hours, crossing $308 million, signaling rising interest and tension in the market.
The token had moved slightly below the level of $9.10 earlier today but recovered quickly as buyers entered the market and demonstrated good short-term support. Nevertheless, the market observers are wary of such a massive transfer out of unknown wallets.
Adding to the buzz, TikTok denied claims from U.S. Congressman Brad Sherman that its owners purchased $300 million worth of TRUMP tokens. All eyes are now on TRUMP coin’s next move. Will it hold the $9.21 line or crash under pressure? The upcoming trading sessions could be crucial.
Also Read: Ripple Whale Transfers 26.6M XRP Worth $58M to Coinbase
