A whale has re-entered the Trump market with a significant accumulation of 333,664 TRUMP tokens during the ongoing market dip. This is the whale’s second acquisition after his first purchase, which resulted in loss-making.
Whale buys 333,664 TRUMP tokens
According to data from Onchain Lens, this whale has not given up. After losing a whopping $15.72 million in TRUMP‘s previous trade, today he spent $3.41 million to buy 333,664 TRUMP at a price of $10.22. He seemed to have taken advantage of the current price declines to make such a massive accumulation.
This whale’s action signals that while others panic due to the market plunge, savvy investors are buying TRUMP tokens, positioning themselves for big returns when the market rebounds. His market activity suggests that this is the ideal time to invest in the asset when prices are still down.
Following its launch early this year, the Trump coin has made multiple investors millionaires with its market potential. The whale’s purchase means that many strategic investors have confidence in the asset, anticipating its future price momentum.
TRUMP price updates
As the broader crypto market recovers, the Trump coin has not been left out of the picture. It has been in a correction trend for several weeks, with its price down 5.9% and 9.5% over the past week and one month ago, respectively.
While on-chain indicators give mixed results, they project factors behind the asset’s price movement. According to the Coinglass metric, TRUMP’s transaction volume decreased 10.19% over yesterday, indicating increased coin inflow into exchanges. This implies that the asset is facing increased selling pressure as large investors are actively moving coins to exchanges as part of redistribution or profit-taking agendas. This redistribution of the Trump coin signifies a transition period in the market where big investors are repositioning their holdings and engaging in profit-taking.
However, another essential on-chain indicator shows that the Trump coin is gaining substantial traction. TRUMP’s Open Interest (IO) has risen by 2.49% over the previous days, suggesting a rising interest among derivatives traders who are creating new positions in the market, hoping for future price growth. This increase in interest could trigger the token’s ability to breakout from the ongoing downtrend.
Also, technical analysis shows that TRUMP is moving into a critical juncture where it could arise from the downturn. Today, the asset recorded a mild price jump, rising by 0.9% over the past 24 hours, placing its price currently at $10.31%. A break to the resistance level at $12.45 could mark the beginning of its recovery.
