A previously inactive crypto wallet generated roughly $2.5 million in unrealized profit after buying millions of TRUMP (CRYPTO: TRUMP) tokens shortly after the project announced a gala event for top holders.
Dormant Wallet Makes $7 Million Bet
A dormant wallet accumulated about 2.2 million tokens of Official Trump shortly after the project announced a gala luncheon at Mar-a-Lago.
According to on-chain data from Arkham Intelligence, the wallet, inactive for five months, began purchasing tokens from Binance on Mar. 13.
The whale executed four transactions, starting with a smaller test buy before making two purchases of roughly 1 million tokens each, followed by another 200,000-token acquisition, totalling more than $7 million.
The buying spree came hours after the project announced a conference and gala luncheon on April 25, open to the top 297 TRUMP holders based on average holdings between March 12 and April 10.
At the time of reporting, the wallet’s holdings were valued at about $9.44 million, representing an unrealized profit of roughly $2.47 million within hours.
Despite the rebound, TRUMP remains about 96% below its $74 all-time high, reached ahead of the inauguration of Donald Trump in January 2025.
Short Liquidations Fuel Rally
Trader Fuel said the sudden rally in the TRUMP meme coin sparked speculation about whether the move reflects insider confidence or anticipation of future developments tied to Trump.
Trader Ash Crypto noted that many traders had recently been shorting the token, expecting further downside.
However, the event announcement triggered a sharp price spike that caught bearish traders off guard.
As the rally accelerated, more than $8 million in short positions were liquidated, amplifying the move and adding to the token’s volatility.
Price Action: Following the announcement, the token surged more than 60% from its recent low, jumping from about $2.71 to $4.50 before stabilizing near $3.90.
Image: Shutterstock
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