TRUMP Team's $6.2M Sell-Off Sparks 33% Price Dump

The cryptocurrency market saw significant gains over the past few days, with Bitcoin surging by $15,000 in less than 48 hours. The altcoins also followed suit, and one of the meme coins that rode this wave was Official Trump (TRUMP). Its price skyrocketed to a peak of $3.60 before slumping back to $2.40 after reports emerged that its team had transferred $6.2 million worth of tokens to exchanges.

The recent surge in TRUMP's value has been a recurring theme, with the asset experiencing similar price pumps and subsequent dumps. In fact, this is not the first time the team behind it has sold portions of the token after a rebound. Despite Donald Trump denying any personal profit from the meme coin, several US Senators have called for an investigation into its potential role in facilitating fraud or unlawful enrichment.

As TRUMP's price continues to fluctuate, its market capitalization remains at around $600 million, keeping it within the top 100 altcoins. However, its all-time high of over $73 was short-lived, and it has since corrected heavily, trading 97% away from that peak.