Trump Coin is taking another hit. The once-hyped meme coin tied to former U.S. President Donald Trump has extended its slide, dropping to its lowest level since October as large holders — known as whales — continue offloading massive amounts of tokens.
After peaking near $50 in January, Trump Coin has been steadily bleeding value throughout the year. This week, it plunged to around $5.78, losing more than 40% from its October top and erasing nearly all of its early-year gains. The sharp downturn reflects a broader decline across multiple Trump-linked assets.
Trump Media & Technology Group, the company behind Truth Social, has seen its share price collapse more than 70% in 2024. Meanwhile, World Liberty Financial’s WLFI token, another project with Trump associations, has also fallen steeply from its highs. Even American Bitcoin — heavily owned by members of the Trump family — sank over 40% following its lock-up expiration. AL5, a major WLFI token holder, is also in a deep slide.
Analysts point to two major catalysts behind Trump Coin’s continued meltdown: weakening political sentiment and surging sell pressure. Trump’s approval ratings have slipped among both Republicans and Democrats, cooling enthusiasm around assets linked to him. At the same time, whale investors appear to be bailing out.
On-chain data from Nansen shows that whale holdings have dropped to 3.84 million Trump Coin tokens, down sharply from 5.3 million in November. When big players sell in large volumes, it often triggers more downside as the market absorbs the extra supply.
Exchange balances tell a similar story. The number of Trump Coin tokens sitting on trading platforms has climbed to 148 million — up from 147 million just a month ago — suggesting that more holders are preparing to sell.
The futures market also shows fading interest. Open interest in Trump Coin derivatives has been steadily declining, a sign that traders are pulling back from speculative bets.
Technical Outlook: More Pain Ahead?
Charts continue to paint a bearish picture. Trump Coin has slid from last month’s $9.56 peak to roughly $5.80. It’s trading below all major moving averages, and the Percentage Price Oscillator (PPO) has dipped below zero, signaling continued downward momentum.
If the sell-off continues, the next major support sits near the all-time low of $4.57 — about 22% below current prices. A break beneath that level could pull the token under $4.
For bulls, the first sign of recovery would be reclaiming resistance near $7. A successful move above that zone could open the door to a retest of the October high at $9.56.
Also Read: BlackRock’s Bitcoin ETF Faces Record Outflows as Investor Mood Sours
