Official Trump ($TRUMP), the new meme coin introduced by President Donald Trump on the Solana blockchain, has experienced a significant decline in value following his inauguration into the White House.
The price fell from $74 to just $37.30, a 20.8% drop within the last 24 hours. Meanwhile, whales are capitalizing on the TRUMP price decline.
As reported by lmk.fun (a platform that records significant activities on the Solana blockchain), large wallets, often called “whales,” are actively acquiring the TRUMP tokens at its current price. These investors’ actions suggest they are confident of the token’s long-term viability.
Although the reasons for the token’s sudden price drop remain unclear, its decline coincided with the crypto community’s unmet expectations during the President’s inauguration speech on Monday, Jan. 20. Industry players had anticipated that the 47th US President would announce new developments favoring the crypto sector during the inaugural address.
However, he did not reference cryptocurrency during his 30-minute address.
Whales Are Buying TRUMP
The lmk.fun platform noted that a whale spent 7.06 million USDC earlier today to acquire 207,870 TRUMP tokens for $34 each. The platform also reported that another whale spent 3.167 million USDC to acquire 99,530 of the same tokens at $31.80 per token.
The actions of both investors coincided with a decline in the coin’s value. The meme coin’s metrics indicate that it is one of the most volatile assets among other meme coins within the last three days, experiencing surges of several thousand percent within a brief period.
On Jan. 19, the token’s market capitalization surged to $14.5 billion, exceeding that of notable cryptocurrencies such as TRON (TRX), Stellar (XLM), Sui (SUI), and Bitcoin Cash (BCH). However, current CoinGecko data shows that its market cap is $7.6 billion, an almost 50% drop from its peak.
The meme coin’s market cap decline could have contributed to the 4.9% Solana meme market cap decline.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
