The Harsh Reality When Hype Meets Harsh Reality: The Trump Coin ($TRUMP) Crash

The Trump Coin ($TRUMP) was riding high on media buzz and a lavish gala dinner hosted by Donald Trump himself — but today, the market is telling a very different story.

The Trump Coin ($TRUMP) saga took an interesting turn as hype met harsh reality, leading to a sudden 15% plunge in the token’s price.

This occurred after a lavish gala dinner hosted by Donald Trump himself for the top 220 holders of the coin, which included crypto billionaires and ex-NBA stars, saw nearly half of the biggest holders abandon their tokens.

A Deeper Look

According to blockchain data, 40% of the wallets invited to the event began selling off their Trump tokens immediately following the gala, selling a total of 768,000 tokens at a net loss of $8.95 million.

This signifies a massive loss of investor confidence, which is further highlighted by the fact that some whales sold their entire positions, accepting multi-million dollar losses in order to exit quickly.

Out of the 220 wallets invited to the gala, 64 sold at least some of their tokens in the days following the event, selling a total of 768,000 tokens at an average price of $11.64.

These wallets had a collective buying price of $9.75, which indicates a net loss of about $8.95 million from these sell-offs.

However, the actions of the smaller holders varied drastically. A few sold a minimal amount, while others liquidated their entire positions.

For instance, one major holder offloaded 765,000 tokens, selling at an average price of $11.44 and incurring a loss of $2.34 million.

Another whale sold 268,000 tokens at an average price of $11.38, resulting in a loss of $24.4 million.

The Good times Have Come to an End

The large holders, or "whales," sold tranches of tokens ranging from 1,000 to 765,000, with one batch being sold for as low as $9.48, which is a stark contrast to the average buying price of $9.75.

This rapid price decline can be attributed to the actions of the whales, who sold a total of 1.17 million tokens at an average price of $11.13 after buying at an average price of $9.75, ultimately leading to a collective loss of $7.2 million.

The impact of this sell-off is evident in the price movements of Trump Coin.

After trading above $13 on August 7, the token experienced a setback and fell below the $12 mark the following day.

By August 9, the price dropped further to $10.98, marking a 15% decrease from the start of the week.

The Trump Coin: A Risky Investment

The story of Trump Coin is unfolding rapidly. After a meteoric rise in July, fueled by the involvement of former U.S. President Donald Trump and the hype surrounding meme coins, the token has taken a nosedive.

In July, Trump Coin soared from $0.1 on June 30 to a high of $13.88 on July 18, an astronomical increase of over 13,900%.

This surge was fueled by a confluence of factors, including Trump’s surprise announcement of his own digital currency venture, Trump Impact, and the buzz surrounding the Trump National готова готова гото