Official Trump (TRUMP) held close to its upper range for the past week, trading close to $4. The main reason is that whales are incentivized to hold for a right to attend another Trump dinner.
The Official Trump (TRUMP) meme token kept close to its recent highs, trading at $3.99. The token reached a new high baseline as the leaderboard opened to the new Mar-a-Lago dinner on April 25.
The launch of a new leaderboard created a new dynamic for the token in the past week. As Cryptopolitan previously reported, the first White House dinner was received negatively. In the short term, however, the announcement and the leaderboard turned into a tool to boost TRUMP.
This time, the dinner offers 297 spots, up from 220 for the previous event, sparking an even more notable whale competition. As a result, overall TRUMP trading expanded to over $2.1B in 24 hours, up from around $100M. TRUMP open interest also remained elevated at over $157M.
Who is competing for the second Trump dinner?
The leaderboard participants may include Justin Sun, a notable supporter of the Trump family’s crypto activity. The top buyer has been adding TRUMP, accumulating 168.8M points.
The leaderboard remains pseudonymous, though one top 10 whale is tagged as ‘Sun’. The wallets are not presented in a way that prevents linking identities to crypto holdings. During previous competitions, the leaderboard was seen as not entirely organic, drawing in whales with potential insider interest.
Will the TRUMP whales sell?
The recent TRUMP rally was dramatic, but it was a small bounce from the recent local lows. TRUMP has been sliding in the past year, and some whales may be ready to sell and cut losses, or realize short-term gains.
Arkham Intelligence has found the wallet of the top account on the leaderboard, known as ‘Little X’. The wallet is up by $2.12M after spending $7M on TRUMP.
The whale may be dedicated to holding, hoping for even more active TRUMP trading. This time around, the meme token is also facing higher market risk and potential volatility.
Whales that are not competing for the leaderboard are using the period to actively trade TRUMP. The token has $91.7M on DEXs and remains one of the top Solana memes, allowing some of the top whales to perform highly liquid short-term trades.
The TRUMP token team may also have benefited from the active trading, as they sent tokens to DEXs just before the new dinner announcement. The team may have gained $1.8M in profit, in addition to trading fees.
TRUMP remains the only Solana meme token with a valuation close to $1B following the recent rally. Currently, the token has relatively shallow liquidity on Binance, leading to rapid price drops. The token may resume its usual downward trend once the leaderboard hype ends.
