As crypto markets continue to recover, it seems whales are still placing their wager on the Official Trump coin. Today, Lookonchain spotted a trader who accumulated huge amounts of Trump tokens, highlighting continued investor interest in the newly launched asset.
Whale buys 445,625 TRUMP
According to data shared by Lookonchain today, a whale spent $7.06 million USDC to purchase 207,868 TRUMP coins for $33.96 for each token. Also, two hours ago, the whale spent $8.06 million USDC to purchase 237,757 Trump tokens at an average price of $33.91.
In the crypto world, timing is a valuable resource that enables traders to generate millions of dollars. Data showed that in the past, the trader spent $1.52 million to buy 310,850 TRUMP at $4.89. He later sold the coins for $8.24 million at an average price of $26.5, earning an incredible profit of $6.7 million.
This means that the profit that the trader realized previously attracted him to accumulate more tokens today anticipating more profits in the future as the asset’s prices surge. This trader’s activity signals that whales are still buying TRUMP at lower prices, hoping for a market upsurge.
Trump price analysis
Last Friday, Jan.17, US President Trump unveiled his meme coin, Official Trump, and just within a few hours, the asset took the crypto landscape by storm. The token experienced a massive price increase, with its market capitalization hitting a whopping $14.5 billion just a few hours after its launch.
While the token started trading with a price of $0.18, its value reached $7.1 before settling at $21.51 by 03:51 PM EAT, making a remarkable 231.62% rise.
Yesterday, the Trump coin gave up some of its gains when its market cap was hovering around $10 billion. However, the excitement over Trump’s pro-crypto regime drove Bitcoin to record a new AHT of $109,071 on the day when he was installed as the 47th US President.
The increase in Trump’s interest in cryptocurrency comes as his administration was broadly anticipated to bring prosperity for virtual currencies. This is quite opposite to the regulatory surveillance the industry witnessed during the Biden administration.
At press time, the Trump coin is trading at $40.85, down 25.2% over the previous day. Also, its trading volume experienced a 40.60% decrease over yesterday, signaling a recent decrease in participation from investors and traders. Whales see this bearish market sentiment as an opportunity to heavily accumulate tokens.
