Whales scoop up TRUMP as token’s price tanks 40%

As the $TRUMP token plummets 40%, large investors are stepping in, seemingly betting on a potential rebound.

Official Trump ($TRUMP), a meme coin launched by President Donald Trump on Solana, has seen a dramatic price drop after Trump’s inauguration. In the past 24 hours, the price has tanked from $74 to just $38, sending some investors into panic mode.

While it’s still unclear why the token took such a sharp dive, some link it to unrealized expectations surrounding Trump’s inauguration speech. On Monday, Jan. 20, crypto traders were hoping for some crypto-related news, only to be let down when Trump didn’t mention crypto at all during his 30-minute address.

Although the price continues to fall, some big players are taking advantage of the dip. According to lmk.fun, a platform that tracks major movements on the Solana chain, whales are diving in and buying up $TRUMP at the lower prices as these investors are seemingly betting that the token has long-term potential.

“Multiple whales are buying the $TRUMP dip! Two hours ago, one whale spent 7.06M $USDC to buy 207.87K $TRUMP at $34. Another whale spent 3.167M $USDC to buy 99.53K $TRUMP at $31.8,” the platform’s account said in an X post on Jan. 21 as $TRUMP price dropped.

$TRUMP has been one of the most volatile tokens in the meme coin world, spiking by thousands of percent in a short amount of time. At one point, the token’s market cap shot up to $31 billion, surpassing the likes of Cardano (ADA), TRON (TRX), Bitcoin Cash (BCH), and more.