TRUMP Cryptos Surge Ahead of Donald Trump's Dinner

The crypto market is back in action with major players known as "whales" accumulating another $6.4 million worth of TRUMP crypto assets.

Donald Trump is on a roll. Not only did he announce an upcoming dinner with several key figures in the crypto industry, but two major crypto whales made significant moves ahead of the meal.

One new whale saw the announcement of the dinner and quickly invested an additional 337,950 TRUMP, bringing the total purchase to 5.2 million. This comes after the same whale sold a large amount of TRUMP earlier this year.

The second new whale made a large switch trade. They sold their entire Fartcoin (FART) holdings and used the funds to buy 300,000 TRUMP in a purchase worth 1.22 million.

This activity follows two days of consistent selling from the spot market which has now stopped.

Liquidation Data Shows Balance

Derivatives market data shows a fragile balance between bullish and bearish forces.

Liquidation data in the last 24 hours shows an almost equal balance as $4.42 million of long positions were forcibly closed, compared to $4.37 million of short positions.

This nearly identical level of liquidation may suggest a balance of trade with no clear direction of price movement.

However, market sentiment is still skewed towards long traders as the increase in the OI-Weighted Funding Rate to 0.0116% signifies a bullish phase that may continue.

Funding Rate Shows Short Traders Pay Premium

Despite the bullish signals, the Funding Rate continues to show negative values.

Currently, the funding rate has dropped to -0.0019, signaling that short traders are paying more to maintain their positions. This configuration gives short traders an edge with more active positions than long traders.

Moreover, the Derivatives Trading Volume remains negative, showcasing a bearish sentiment.

The Long-to-Short ratio, which measures the volume of buy versus sell orders, indicates that sellers have more influence. If this ratio stays below 1, TRUMP prices are likely to experience further declines.