TRUMP Memecoin Explodes Past $8 Amid Token Unlock Pressure
The price of TRUMP has witnessed an exciting jolt of bullish momentum this weekend, outperforming most of the assets in the top 100 on Saturday, April 19. The United States President Donald Trumps meme coin has increased in value by more than 8% in the last 24 hours. This positive price spurt came despite the recent unlocking of a significant amount of tokens into open circulation.
Project Creators Unlock 40 Million Tokens In First Event
On Friday, April 18, the creators of the TRUMP meme coin released 40 million tokens in the first unlock event for the project. The unlocked tokens, which were worth about $310 million at the time of the event, represent just 4% of the total supply, but over 16% of the current circulating supply.
The Official Trump meme coin has not been in particularly good form in recent weeks, falling further away from its record high price of $71 reached in January. According to data from CoinGecko, the tokens price is down from its all-time high by roughly 90% in the past three months.
Prior to the unlock event, the TRUMP token was valued at around $7.54 and had been oscillating between $7.46 and $7.83 on the day. However, the impending release of 40 million tokens from a three-month lockup did little to improve the sentiment around the meme coin, as investors predicted an extended period of downward pressure.
Historically, large token unlocks are deemed bearish events, as they allow holders to sell off their assets on the open market. With increasing token supply and insufficient demand, the meme coins price was expected to further crumble under the selling pressure.
Interestingly, the price of TRUMP seems to be reversing the trend and moving against the crowds expectations after surging by more than 8% to reclaim the $8 mark on Saturday. While the meme coins price has somewhat cooled down, it did climb as high as the $8.60 mark on the day.
The Official Trump meme coin was launched earlier in January 2025, a few days before the inauguration of Donald Trump as President of the United States. The launch was met with some criticism in the industry, especially as President Trump also promoted the cryptocurrency. The April 18 unlock event represents the first among numerous cliff releases expected to come at later dates.
TRUMP Price At A Glance
As of this writing, the price of TRUMP lies at around $8.33, reflecting an 8.6% increase in the last 24 hours. However, this positive single-day action was not enough to put the meme coin in the green on the weekly timeframe still down by 1.5% in the last seven days.
Read more: https://www.newsbtc.com/news/trump-memecoin-explodes-past-8-amidst-token-unlock/
Text source: NewsBTC
