U.S. President Donald Trump’s Solana (SOL) based meme coin, Official Trump (TRUMP), is set for a major token unlock event on April 18, with 40 million tokens—equivalent to 20% of its circulating supply—scheduled for release. Based on TRUMP’s price as of April 14, the unlock is valued at approximately $321 million.
The release will occur as a cliff unlock, according to crypto analytics platform Tokenomist, meaning all tokens become available at once—a move that could flood the market and amplify sell pressure.
Following this event, around $4 million worth of TRUMP tokens will continue to unlock daily until the next scheduled vesting event, potentially creating sustained supply-side pressure unless offset by demand.
From peak hype to price collapse
TRUMP token’s journey since its January 2025 launch has been anything but stable. The token soared to an all-time high of $73.43 within just two days of trading, only to crash over 70% in the following weeks.
This sharp decline has left over 813,000 wallets with estimated losses totaling $2 billion within just 19 days of its launch, according to Chainalysis. Meanwhile, the project’s creators reportedly pocketed more than $350 million during the rally. As of April 14, the token was trading at $8.02.
On-chain data also signals a decline in investor interest. The number of wallet holders has dropped to 637,235—a 0.3% decrease over the past week and a significant drop from the 800,000+ holders recorded in January, according to data retrieved by Finbold from a Dune Analytics dashboard.
Derivatives market turns bearish
Adding to mounting concerns ahead of the unlock, TRUMP’s open interest (OI)-weighted funding rate turned sharply negative on April 14, suggesting that bearish sentiment is growing in the derivatives market. The funding rate dropped to -0.0282%, coinciding with a dip in spot prices.
A negative funding rate typically means short positions are paying long positions, indicating that traders are increasingly expecting further downside. This trend may reflect growing skepticism about TRUMP’s ability to maintain its value in the face of surging token supply and waning momentum.
This downturn in TRUMP token’s value mirrors a broader wave of disappointment across the crypto landscape that followed Donald Trump’s inauguration. Despite initial optimism that his re-entry into the White House would usher in a new era of digital asset growth, the market has instead faced turbulence.
According to Finbold’s Q1 2025 Cryptocurrency Market Report, the number of Bitcoin millionaire addresses fell by nearly 20% between January 20—the day of Trump’s inauguration—and March 31, the end of Q1.
Specifically, 34,737 BTC millionaire wallets disappeared during that time, highlighting the extent of market erosion even among Bitcoin’s wealthiest holders.
These parallel declines highlight a growing disconnect between political hype and market fundamentals, raising questions about the true influence even the most high-profile endorsements can exert on digital assets.
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