An $TRUMP meme coin whale has literally wiped out all its initial profits and now is starting at a fat loss. The wallet had earned $11.8 million at launch, but panic and greed led it to invest another $33.9 million to buy 766,083 TRUMP at $44.25.
According to the data provided by blockchain analysis platform Lookonchain, the wallet is down $21 million, with a $9 million hit to its initial capital. Currently, the meme coin is trading at $17.29, a 2.73% drop over the past 24 hours, according to CoinMarketCap data. However, the cryptocurrency’s trading volume holds strong at $2.92 billion.
Meanwhile, analysts on X (formerly Twitter) pointed out that the token could hit new all-time highs and even surpass Dogecoin (DOGE) as the top meme coin. DOGE’s price rally came after Tesla CEO Elon Musk backed the project. A similar rally for TRUMP, linked to US President Donald Trump, might occur this cycle.
TRUMP Token Price Analysis
TradingView’s 4-hour chart for TRUMP shows the Relative Strength Index (RSI) at 31.89, indicating seller strength. Also, the chart’s slope hints at a move into the oversold area soon.
On the other hand, accumulation of the TRUMP token has started, as shown by the slope of the Accumulation/Distribution line. TRUMP may retest $20 in the coming days. Still, a major resistance at $25 must break for the meme coin to reach a new all-time high.