The TRUMP token is experiencing severe volatility, marked by significant whale sell-offs just before a major token unlock. Donald Trump plans to launch a Monopoly-style crypto game while concerns arise over substantial liquidity removal by the development team, prompting fraud allegations. Price analysis indicates potential support and resistance levels amidst ongoing uncertainty.
The Official Trump (TRUMP) token is currently facing significant volatility, characterised by heavy sell-offs from large investors or “whales”. In the last week, the token increased by 6%, yet has decreased by 30% over the past 30 days, reflecting uncertain market sentiment. This fluctuation coincides with reports that Donald Trump is contemplating a new crypto venture, designed as a Monopoly-style game.
Recently, two TRUMP whales executed trades worth $4.94 million, trading substantial amounts of the token just ahead of a significant token unlock event. This event, scheduled for April 18th, will release 40 million tokens valued at over $320 million, raising potential concerns of a market crash due to an increased circulating supply of approximately 20%.
In terms of the new crypto game, it is suggested that it will mimic the mechanics of Monopoly Go!, enabling players to earn in-game currency through virtual construction on a digital game board. Aiding in this project is Bill Zanker, a known associate of Trump, though Hasbro, the owner of Monopoly’s intellectual property, has stated they have not partnered with Trump’s team for this venture.
Further complicating matters, the TRUMP developers recently removed $4.6 million USDC from the liquidity pool—a move that has sparked fraud allegations from blockchain analysts. Following this withdrawal, the funds were bridged to Ethereum and deposited into Coinbase Prime, prompting concerns over the intent behind the liquidity removal and signalling developers’ lack of confidence in the project.
The current price analysis of TRUMP indicates a neutral momentum, as the Relative Strength Index (RSI) hovers around 44.50. Key Fibonacci retracement levels suggest potential support and resistance, with the 0.382 Fibonacci level at $8.22 representing crucial support, and the 0.236 level at $8.79 as the immediate resistance. Continued selling pressure may push the price towards the 0.618 level at $7.71.
In summary, as the TRUMP token navigates heavy sell-offs, liquidity issues, and the pending token unlock, investors should approach with caution, considering the unstable conditions in the market and the associated risks.
