The TRUMP meme coin dropped 6% in the past 24 hours while the team generated a staggering $802 million from the token’s launch.
By Parth Dubey
Edited by Julia Sakovich
Updated
3 mins read
Donald Trump, the first pro-crypto president of the United States, has pocketed a massive $800 million from the debut of his very own meme coin, the Official Trump TRUMP $12.01 24h volatility: 16.3% Market cap: $2.41 B Vol. 24h: $1.68 B token. On the other hand, the meme coin dropped 6% in the past 24 hours and trades at $16.96, while the broader market has rallied in the same period.
Coinbase director Conor Grogan shared an update, confirming that Trump’s team has raked in $802 million since the launch of TRUMP on January 18th. Also, the team allegedly sent a staggering $482 million in USDC stablecoin USDC $1.00 24h volatility: 0.0% Market cap: $58.29 B Vol. 24h: $10.50 B , Solana SOL $132.9 24h volatility: 9.3% Market cap: $67.72 B Vol. 24h: $3.46 B , and TRUMP to leading cryptocurrency exchanges, suggesting a possible sale.
It is likely that Trump did not sell all the tokens that have been sent to exchanges, as pointed out by Grogan. However, the Coinbase executive’s analysis does not include the Trump LP meteora fees or crypto from wallets that Grogan does not have knowledge of.
The team also holds a massive $240 million USDC in out-of-range liquidity positions along with $50 million in active liquidity. Further, Trump’s team also generated more than $29.3 million in fees alone. However, this is significantly less than the $16 billion worth of the TRUMP meme coins that they hold, suggesting further sale moves once the prices recover.
Grogan highlighted in a post on X (formerly Twitter) that the money the US president has generated from the meme coin dwarfs even the debut of Bored Ape’s Otherside, which raised $285 million along with more than $181 million in burned gas.
The TRUMP token is trading at a massive discount of 77.22% to its all-time high of $75.35 seen over 16 days ago at $75.35. Since late January, the meme coin has not been able to break above the $30 price tag. Despite having a monumental trading volume of $2.9 billion, the altcoin fails to maintain a bullish position.
Additionally, the four-hour chart provided by TradingView below for the TRUMP token shows that the Relative Strength Index (RSI) for the cryptocurrency’s price action reads a value of 31.23. There are major chances that the meme coin could hit oversold levels in the near future, as suggested by the gradient of the RSI line.
Source: TradingView
Moreover, the price action of the TRUMP token is situated in the lower region of the Bollinger Bands, retesting $17.16 as a level of support. Meanwhile, the nearest resistance stands at the upper end of the Bands, around the $25 price tag.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
