As the TRUMP token plummets 40%, large investors are stepping in, seemingly betting on a potential rebound.
Official Trump (TRUMP), a meme coin launched by President Donald Trump on Solana, has seen a dramatic price drop after Trump’s inauguration. In the past 24 hours, the price has tanked from $74 to just $38, sending some investors into panic mode.
While it’s still unclear why the token took such a sharp dive, some link it to unrealized expectations surrounding Trump’s inauguration speech. On Monday, Jan. 20, crypto traders were hoping for some crypto-related news, only to be let down when Trump didn’t mention crypto at all during his 30-minute address.
Although the price continues to fall, some big players are taking advantage of the dip. According to lmk.fun, a platform that tracks major movements on the Solana chain, whales are diving in and buying up TRUMP at the lower prices as these investors are seemingly betting that the token has long-term potential.
“Multiple whales are buying the $TRUMP dip! Two hours ago, one whale spent 7.06M $USDC to buy 207.87K $TRUMP at $34. Another whale spent 3.167M $USDC to buy 99.53K $TRUMP at $31.8,” the platform’s account said in an X post on Jan. 21 as TRUMP price dropped.
TRUMP has been one of the most volatile tokens in the meme coin world, spiking by thousands of percent in a short amount of time. At one point, the token’s market cap shot up to $31 billion, surpassing the likes of Cardano (ADA), TRON (TRX), Bitcoin Cash (BCH), and more.
