特朗普Memecoin无视期望，在4000万令牌解锁后上涨8％

4月18日，特朗普成员面临着重大测试，因为4000万个新令牌（近3亿美元）输入了流通。

On April 18, the TRUMP memecoin faced a crucial test as 40 million new tokens—valued at nearly $300 million—entered circulation. This release comprised 20% of the coin’s current circulating supply and 4% of its total future cap of 1 billion tokens.

4月18日，特朗普成员面临着一项关键的测试，因为4000万个新令牌（以近3亿美元的流通）的流通。该版本占硬币当前循环供应的20％，其4％的未来上限为10亿代币。

Typically, such large unlocks would trigger a price drop due to sudden supply expansion. However, TRUMP defied expectations, notching up an 8% intraday price increase and pushing back above the $8 psychological threshold.

通常，如此大的解锁会导致由于供应的突然扩张而触发价格下跌。但是，特朗普违反了期望，使日内价格上涨8％，并以高于8美元的心理阈值推高。

This strong reaction suggests traders may have anticipated the unlock and priced it in early. With 24-hour trading volume spiking 68%, bullish sentiment appeared to temporarily overpower fears of dilution.

这种强烈的反应表明，交易者可能已经预料到解锁并在早期定价。随着24小时交易量的峰值68％，看涨的情绪似乎暂时压倒了对稀释的恐惧。

While the short-term price action seems promising, the bigger picture is more nuanced. TRUMP has fallen 88% from its all-time high of $74.59, highlighting a heavily weakened structure. The rally sparked by the unlock may simply be a reflex move within a longer downtrend, rather than the start of a lasting recovery.

虽然短期价格行动似乎很有希望，但更大的情况更加细微。特朗普的历史最高额为74.59美元，降低了88％，突出了大量削弱的结构。解锁引起的集会可能只是在更长的下降趋势中的反射移动，而不是持久恢复的开始。

Furthermore, the memecoin’s network activity has dwindled significantly. Only 1,476 new wallet addresses were recorded recently, a stark contrast to the nearly 700,000 wallets created during its bullish phase. Without fresh demand or growing adoption, the recent pump could struggle to sustain momentum.

此外，Memecoin的网络活动已大大减少。最近仅记录了1,476个新钱包地址，与看涨阶段创造的近700,000个钱包形成了鲜明的对比。如果没有新的需求或不断提高的采用，最近的泵可能难以维持动力。

On-chain data offers an interesting contrast. Despite the token’s sharp decline in price, Short-Term Holders (STHs) haven’operability_statusy shown signs of panic. TRUMP’s Net Unrealized Profit/Loss (NUPL) for these holders remains above capitulation levels. In essence, many investors appear content to hold, even through deep drawdowns.

链上数据提供了有趣的对比度。尽管代币的价格急剧下降，但短期持有人（STHS）Haven'operability_statusy显示了恐慌的迹象。这些持有人的特朗普净未实现的盈利/损失（NUPL）仍然高于投票水平。从本质上讲，即使通过深度缩减，许多投资者似乎也似乎满足。

This kind of behavior reflects lingering optimism among retail participants and may explain why the market didn’t immediately crash after the unlock. Strong support remains around the $7 level, as buyers continue to absorb selling pressure.

这种行为反映了零售参与者的乐观情绪，可以解释为什么在解锁后市场没有立即崩溃。随着买家继续吸收销售压力，强大的支持仍然存在于7美元的水平。

TRUMP’s tokenomics are structured with a hard supply limit of 1 billion tokens to be released over a three-year period. With only 20% currently in circulation, more unlock events are expected. These could lead to increased volatility, especially if large holders begin dumping tokens.

特朗普的令牌学的结构是在三年内释放的硬供应限额为10亿个令牌。目前只有20％的流通，预计会有更多的解锁事件。这些可能导致波动性的增加，尤其是当大型持有人开始倾倒令牌时。

Still, the token’s post-launch fundamentals have held up better than some expected. While the initial hype has faded, the absence of full capitulation among holders suggests that TRUMP’s long-term outlook isn’t entirely bleak—at least not yet.

尽管如此，代币的发出后基本面仍然比某些人预期的要好。尽管最初的炒作已经消失，但持有人之间没有完全屈服的情况表明，特朗普的长期前景并不完全是黯淡的，至少还没有。