TRUMP memecoin has experienced a significant decline of 19.84% over the past 24 hours, with whales returning to the market and engaging in selling activities. The selling pressure has been evident in the crypto market, causing memecoins like TRUMP to depreciate on the charts. Large holders of TRUMP are feeling the impact of the latest dip in value, prompting whales to intensify their market activities. One whale withdrew 260k TRUMP tokens from Binance and sold them for $2.048 million USDC, while another sold 309,514 TRUMP tokens for $2.63 million at a loss of $14.06 million. These sales by major holders suggest a lack of confidence in the market, leading to lower prices as supply outstrips demand.
The increase in selling activity among TRUMP whales has had a negative impact on the memecoin’s price charts. Currently trading at $7.3, the memecoin has experienced a 19.84% decline on the daily charts, as well as losses of 24.87% on the weekly charts and 37.79% on the monthly charts. The sustained decline in price raises the question of whether TRUMP is poised for further losses. Analysis from AMBCrypto indicates a strong bearish sentiment surrounding the memecoin, as evidenced by the negative aggregated funding rate and positive spot netflows, signaling more sellers than buyers in the market.
The selling pressure on TRUMP is evident through a negative order delta, indicating more sell orders being executed than buy orders. This, coupled with the memecoin’s RSI declining into oversold territory, suggests that investors and holders are bearish and lack conviction in the market. If selling activity persists, TRUMP could drop below $7 to a low of $6.5. A trend reversal would require the memecoin to reclaim $7.7 and record a daily close above it. The current market conditions indicate a potential for further losses on TRUMP’s price charts, with both whales and retailers contributing to the bearish sentiment.
Overall, the recent decline in TRUMP memecoin’s value is attributed to the selling activities of whales and large holders in the market, leading to increased selling pressure and a dip in price. The negative sentiment surrounding the memecoin is reflected in various market indicators, suggesting a bearish outlook for TRUMP in the near future. Investors and holders are advised to closely monitor the market conditions and key price levels to determine the potential for a trend reversal or further losses in the coming days.
