- TRUMP has declined by 5.08% over the past day.
- Five whales on Donald Trump’s dinner list have deposited their tokens into Bybit.
When President Trump announced a dinner for top holders of Official Trump [TRUMP], whales rushed to accumulate in droves.
The surge in accumulation from whales pushed the memecoin to $16.43. Since then, market conditions and sentiment have all shifted.
Inasmuch so, the memecoin has traded within a descending pattern for six consecutive days.
The decline arises as whales have started exiting the market after an accumulation spree. As such, it seems Trump whales are attempting to bail out, signaling growing caution from the recent buyers.
According to the report by On-chain tracker @ai_9684xtpa, the top five whales on the Trump dinner list deposited all 126,000 Trump tokens into Bybit worth $1.64 million.
These whales aim to sell at $9.71 with a deposit price of $13.02. If these holders decide to sell, they will make a profit of $420k at press time price.
Source: Arkham Explorer
Usually, a move by whales into exchanges is a bearish signal. If all of these tokens are sold, it will cause significant selling pressure, driving prices down if other buyers fail to absorb.
Therefore, if this selling activity continues, the memecoin could decline even further.
Is the memecoin set for another dip?
According to AMBCrypto’s analysis, Trump is experiencing downward pressure as sellers reenter the market.
Looking at the memecoin’s order delta, we can see that sellers are dominating as this metric turned negative.
A negative delta means that more sell orders are being executed in the market than those buying, reflecting strong bearishness.
Source: MobChart
This bearish sentiment was validated over the past day after the memecoin made a bearish crossover on its RSI. The bearish crossover on daily charts signals growing influence by sellers in the market.
This crossover validates the previous crossover by Stoch. This shift in market sentiment while whales are selling positions the memecoin for further losses on its price charts.
Source: Tradingview
Therefore, if whales who bought Trump to get into the dinner list turn to massive selling, the memecoin will decline as selling pressure mounts.
Further downward pressure will see the memecoin find the next support around $11.4. A breach of this critical support will push Trump below $10 towards $9.2.
To invalidate this bearish outlook, Trump whales have to turn to accumulating once again.