Trump Token Bounces Back: Whales Return to the TRUMP Game
Investment in Trump-Affiliated Ventures Totals $6.4 Million - Will Subsequent Dinners Drive Further Interest?
Alright, let's dive into the gist of the latest happenings with the TRUMP token!
After a significant rally last week, the TRUMP crypto coin recorded a more modest 1.57% growth in the last 24 hours. But don't be fooled by the slow-down, because the show is far from over!
Whales have started to play their part once again, accumulating TRUMP tokens en masse. In fact, two new whales have entered the arena, collectively purchasing an impressive sum of $6.42 million worth of TRUMP.
The first whale, known as "Donald Dips," was initially seen selling their TRUMP holdings. However, the rumors of an exclusive dinner with former president Trump reignited their interest, leading to a massive purchase of 337,950 TRUMP tokens worth $5.2 million.
The other whale, dubbed "Maga Moolah," abandoned their Fartcoin investments, kicking off a switch to TRUMP following a $1.22 million buy. This purchasing spree follows two days of continuous selling in the spot market, which has now come to a halt.
Mixed Signals in the Derivatives Market
Here's where things get a little complicated. In the derivatives market, there's a delicate balance between bullish and bearish forces. Over the past 24 hours, liquidation data showed a near balance between short and long liquidations – $4.42 million of long positions vs. $4.37 million of short positions.
This close call implies a trade balance, which means there's no clear direction for the price movement at the moment. However, sentiments are still leaning towards long traders, as the OI-Weighted Funding Rate rose to 0.0116%, suggesting a bullish phase that's likely to continue.
Yet, the Funding Rate has dipped into the negatives, with a reading of -0.0019%. This negative territory implies that short traders, who are paying a premium in fees to maintain their positions, have the advantage at the moment. Additionally, the Derivatives Trading Volume remains negative, currently below 1, reinforcing bearish sentiments.
So, while whales are reinvesting in the TRUMP token and events like the exclusive dinner with Trump could stir up price increases, it's important for traders to keep a keen eye on derivatives trends and whale transactions to stay ahead of the game.
Stay tuned for more updates, and don't forget to share your thoughts down below!
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- In the crypto market, Bitcoin's journey to $100K might be closer than we think, reflecting a bullish sentiment.
- Simultaneously, the derivatives market shows a delicate balance between bullish and bearish forces, with a near balance in short and long liquidations.
- Despite this balance, the OI-Weighted Funding Rate indicates a continued bullish phase for TRUMP, while the Funding Rate has dipped into the negatives, favoring short traders.
- The Derivatives Trading Volume remains negative, reinforcing bearish sentiments, which could be a reflection of the overall market's bearish tone towards TRUMP.
- Amidst this market volatility, two whales have recently shifted from Fartcoin to TRUMP, significantly offloading funds to invest in TRUMP tokens.
- Meanwhile, TRUMP token itself has experienced a more modest growth of 1.57% in the last 24 hours, but the entrance of these whales could potentially stimulate further growth.
