Summary
⚈ Prices surged after an April 23 announcement promising dinner with Trump for top holders.
⚈ With the leaderboard set, traders are exiting; no new catalysts suggest further upside.
Cryptocurrency whales seem to be having a tough time making money on Official Trump (TRUMP), the president’s meme coin.
Two large accounts, whose addresses begin with 3hA7ex and DyzM5w, respectively, exited large TRUMP positions at a loss earlier today, per data retrieved by Finbold from Solscan.
To be precise, the former sold 276,968 Official TRUMP tokens for $3.54 million, losing $454,000 in the process. The latter sold 228,414 TRUMP at a loss of $42,000.
Why Official Trump is once again exhibiting high volatility
Significant price moves are nothing new for Official Trump — which saw multi-billion dollar market capitalization changes that took place within a matter of weeks soon after launching.
The token has seen a significant move to the upside following an April 23 announcement, which revealed that 220 of the cryptocurrency’s largest holders will be invited to an exclusive dinner with the President on May 22.
A public leaderboard keeps track of who will be invited, and since late April, Justin Sun, the founder of Tron (TRX), has been in first place.
This development caused Official Trump crypto prices to surge from $8 to as high as $15.59. However, in tandem with the present market-wide pullback, TRUMP prices fell to $12.65 as of press time on May 13, having registered an 11.36% drop on the daily chart on strong volume.
With the dinner a little more than a week away, the leaderboard frontrunners are essentially set in stone. Traders have begun exiting their positions — locking in profits, or, as in the case of our two crypto whales, cutting their losses. Without a new bullish catalyst to buoy prices, a reversal to the upside remains an unlikely prospect for Official Trump.
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