TRUMP Memecoin on Solana Braces for Massive Token Unlock: $320M Up for Grabs!

40 Million Tokens Set to Flood the Market on April 18

Hang onto your hats, crypto fans! Donald Trump's Solana-based memecoin, TRUMP, is about to face a storm as a colossal token unlock is on the horizon. On April 18, get ready for a whopping 40 million tokens, valued at over $320 million at today's prices, to hit the market and land right in the laps of the team. This is TRUMP's first big unlock, folks, and it's set to pump up the current circulating supply by about 20%!

Daily Unlocks to Follow, Raising Price Impact Fears

But wait, there's more! After the initial explosion, a daily drip of 493,000 TRUMP tokens, around $4 million, will keep the market on its toes until the next big unlock in July. With all these tokens pouring in, you better believe there are whispers and worries about how this could slam the price down due to that increased supply.

TRUMP's Price Plummets, Trading Volume Surges

Right now, TRUMP is trading at a shaky $8.27, down over 5% in the last 24 hours. Talk about a rollercoaster! This token has crashed 88% from its all-time high of $73.43 back on January 19. But here's the twist: as the unlock date approaches, trading volume has spiked by 23% to a hefty $476 million in just one day. The market's buzzing, folks!

Investor Interest Wanes, Wallet Holdings Shrink

On-chain data's telling a story of fading investor love. The total number of wallet holders has dipped to 638,000, down 0.3% this week and a massive drop from over 800,000 back in January. And get this: less than 13,000 wallets are holding more than $1,000 in TRUMP. It looks like a lot of users are just in it for the thrill of speculation, not the long haul.

Technical Indicators Flash Red: Bearish Pressure Mounts

Tech indicators are screaming "bearish pressure" all over TRUMP. Most key moving averages are sitting below the current price, with the 20- and 50-day exponential moving averages waving red flags for more declines. There's a weak bullish crossover in the moving average convergence/divergence, hinting at a possible but shaky recovery. And the relative strength index? It's hovering near oversold territory at 37.37. Yikes!

Support and Resistance Levels to Watch

Keep your eyes peeled for support around $7.50, where TRUMP's seen some buying action before. If it breaks below that, watch out for a slide to $6.80. On the flip side, resistance is expected near $9.20 and $10.90, lining up with those longer-term moving averages.

Speculation Over Real-World Use: The TRUMP Memecoin Story

Even though Trump-affiliated merch spots like GetTrumpSneakers.com can play with this memecoin, the price action tells us investors are all about the speculation, not so much the real-world use. As we barrel toward that unlock, traders will be glued to market vibes and price swings. Buckle up, because it's gonna be a wild ride!