A large position in the TRUMP meme coin had been prematurely sold by a cryptocurrency investor, who has now re-entered the market by acquiring 337,000 tokens.
The current price has been observed to be nearly twice the investor’s previous selling price. It was reported by on-chain analyst Ember CN that 5.196 million USDC was used by the whale to re-enter the market, paying an average price of $15.39 per Official Trump token.
This purchase was made following the investor’s earlier decision to sell 630,000 TRUMP tokens at a price of $8.70 each. The sale occurred just 20 hours before the announcement of a dinner event with former President Trump, which led to a surge in the token’s value.
It was noted by Ember CN that “he missed the explosive surge following the announcement of the dinner plan and re-entered today at $15.39.” The investor’s initial sale was marked by unfortunate timing, as potential profits of around $3.8 million were missed by exiting the position before the price spike.
It was announced that the top 220 TRUMP token holders would be invited to a “Private, Members-Only Club in Washington, D.C. for Dinner” with the former president on May 22. The token’s value has been positively impacted by this announcement, although it has also attracted scrutiny from Democratic lawmakers.
According to the official TRUMP leaderboard, more than 1.22 million tokens are currently held by the largest holder, while approximately 1.19 million tokens are possessed by the second-place holder.
Meanwhile, active restructuring of portfolios has been carried out by other traders to capitalize on the surge in the TRUMP token’s value. A particularly successful trader was identified by blockchain analytics platform Lookonchain, who exchanged their entire holding of 1.18 million Fartcoin (valued at approximately $1.22 million) for 78,671 TRUMP tokens.
The value of the TRUMP token was driven up by nearly 90% following the announcement of the dinner event. However, it remains down by approximately 80% from its all-time high of $73.
A competition among holders striving to maintain their positions on the leaderboard to secure an invitation has been created by the promise of direct access to the former president.
