TRUMP Token Plummets: Liquidity Crisis Sparks Crash Fears

The TRUMP meme token, named after former US President Donald Trump, has experienced a significant price drop, falling nearly 90% from its all-time high six months prior. Currently trading at $8.80, the token is down 6% in the last week, raising concerns among investors. The main catalyst for this decline is the recent withdrawal of $4.4 million in USDC and 347,438 TRUMP tokens (valued at $3.12 million) from the main liquidity pool by the project's team. This action, performed without prior notice or explanation, has fueled fears that the team may be preparing to dump their remaining coins, exacerbating the already weak demand. Adding to investor anxieties, a significant whale, known as Kewh32, has placed a large sell order of 275,672 TRUMP tokens, worth approximately $2.5 million. This whale previously sold 100,000 tokens in June and still holds a substantial amount of TRUMP tokens, further increasing the potential for downward pressure on the price. While the daily chart shows a falling wedge pattern, which could indicate a potential breakout, weak trading volumes and an RSI below 50 for over a month suggest sellers remain in control. Although the Awesome Oscillator shows a slight hint of fading bearish momentum, overall investor confidence is low. The $8 to $9 range is a crucial support level; a break below $8 could trigger further losses. Without renewed buying interest or positive news, the downtrend is expected to continue. The lack of transparency regarding the team's liquidity withdrawal has severely damaged investor trust, making a sustained rally unlikely in the near term.

(Source: https://www.newsbtc.com/altcoin/trump-token-in-trouble-4-4-million-liquidity-exit-sparks-crash-fears/)