President Trump’s official memecoin (TRUMP) is about to go through a massive token unlock worth about $341 million.
According to crypto tokenomics data aggregator Tokenomist, 40 million TRUMP tokens will be unlocked on the open market on April 18th.
With 199 million TRUMP tokens currently in circulation, the unlock represents about 20% of the memecoin’s circulating supply.
TRUMP currently has a market cap of $1.69 billion and a fully diluted valuation (FDV) of $8.48 billion.
Token unlocks are often considered bearish for crypto assets, given that new supply will soon be available and sell pressure may be higher.
Like most digital assets, TRUMP suffered recently following the escalation of the president’s trade war, starting when he signed an executive order that slapped tariffs on all imported goods entering the US with the stated goal of protecting domestic manufacturing.
Despite the unlock, cryptocurrency trader and analyst Ali Martinez is leaning bullish on TRUMP.
Martinez tells his 134,800 followers on the social media platform X that TRUMP could be preparing for a bullish reversal based on the Tom DeMark (TD) Sequential indicator on the weekly time frame.
The TD Sequential indicator is used to identify potential trend reversal points in technical analysis.
Says Martinez,
“The TD Sequential just flashed a buy signal on the TRUMP weekly chart!
Key support: $7.13
Breakout confirmation: $11.96
Target: $17.94.”
At time of writing, TRUMP is worth $8.37.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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