US President Donald Trump’s TRUMP memecoin is under pressure due to a major token unlock next week, during which the project team will be given $320 million worth of tokens, around 20% of the total supply.
Token unlocking will take place on April 18th at 03:00 Turkish time (UTC+3).
Memecoin is currently unlocking 493,150 TRUMP tokens daily, worth around $3.94 million per day. According to blockchain data, TRUMP’s current market cap is $1.6 billion, with a fully diluted valuation of around $8 billion. Of the maximum supply of 1 billion, 200 million tokens (20%) are currently available for use, while the remaining 800 million (80%) are locked.
TRUMP is currently trading at $8, an 84% drop from its peak price just before Trump’s presidential inauguration on January 20. The sharp drop in price coincided with a significant drop in user engagement.
Token holder metrics reveal a serious trend:
- Unique wallet holders dropped from 817,000 at launch to 637,000 today.
- The number of wallets holding more than $1,000 in TRUMP has fallen from 143,000 on January 19 to just 12,000.
It remains unclear whether Trump or his associates plan to cash out the unlocked tokens.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/time-is-running-out-on-donald-trumps-trump-memecoin-it-will-face-a-major-token-unlock-heres-the-date-and-time/