According to data from Coingecko, the TRUMP token has skyrocketed to a market capitalization of $5.9 billion, with trading volumes reaching $6.4 billion. The token trades at $28.94, increasing 347% in 24 hours. This surge was further amplified when Trump utilized his social media platform, TruthSocial, to promote the project, leading to increased trading activity and investor interest.
According to on-chain analysis from Lookonchain, the surge has been fueled by big whale activity. One whale, “Fpj236…uVJr,” pulled 61,205 SOL ($14.3 million) from OKX and spent it buying 1.27 million TRUMP tokens at an average of $11.25/each.
Another whale spent 8.5 million USD Coin to buy 1.03 million tokens at an average price of $8.28. These investments have earned about $11 million and $11.8 million at current prices.
Another high-profile trade saw a trader act just 90 seconds after Trump’s Truth Social announcement of the token’s launch, according to Lookonchain, exchanging 1.09 million USDC for 5.7 TRUMP tokens.
The trader began by selling 404,000 worth of the tokens, keeping 5.43 million. After that, they disposed of around 1.35 million tokens and now have 4.62 million tokens with a market value of above $99 million based on current prices.
Trump Administration’s Crypto Agenda
Not all investors took advantage of the token’s major rise. A whale who successfully sold $3.86 million worth of the TRUMP tokens before the price peaked lost out on potential gains as remaining holdings increased to over $67 million at the token’s height. Finally, this trader walked away with less than $3 million using the method, which meant losing more than 2,000%.
The broader cryptocurrency market has preserved this upward trend. Bitcoin is the world’s most popular digital currency, hitting an all-time high above $100,000. The rally is based on investor confidence regarding policies to embrace digital assets under the new incoming administration, like proposals to see the US become a global center for digital assets and create a bitcoin reserve.
Under a Trump-led regulatory environment, industry stakeholders have been optimistic about the probable future. If Paul Atkins, a proponent of digital assets, is named the new SEC chair, the agency will start regulating like one. It’s a potential break from the previous administration’s strict oversight, which many in the industry have considered a crimp on innovation and expansion.
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