TRUMP Coin price has dropped for the second consecutive day, even as exchanges’ supply continued its freefall ahead of the upcoming “Trump Billionaires Club” game launch.
Official Trump (TRUMP) token fell to a low of $5.66, down approximately 42% from its November high. It has already plunged by nearly 90% from its highest point in January.
One potential catalyst for the Trump Coin price is the upcoming “Trump Billionaires Club” game, which will be launched by the end of the year. According to Bloomberg, the game will let users spend Trump meme coins as they build their business empires. Users will then gain influence in the game and win prizes of up to $1 million.
The game’s concept was developed by Bill Zanker, who partnered with the Trump family to launch the meme coin in January. He was also the brains behind the much-publicized meetup between Donald Trump and its biggest holders, including billionaire Justin Sun.
Exchange Supply Declines Ahead of Game Launch
Meanwhile, the supply of TRUMP coins on exchanges has declined over the past few days in anticipation of the upcoming game. Data compiled by Nansen shows that there are now 146.25 million tokens in exchanges, down from last month’s high of 161.65 million.
The decline in exchange supply indicates that investors are moving their Trump meme coins off exchanges and storing them in self-custody. In most cases, exchange outflows are among the most bullish indicators in fundamental analysis.
Whale Investors Reduce Holdings
On the negative side, there are signs that whale investors have continued to sell their tokens. Data show that these whales have reduced their holdings to 3.39 million tokens from a high of 5.25 million on October 28.
TRUMP Coin Price Technical Analysis
The daily timeframe chart shows that the TRUMP Coin price has come under pressure since its launch in January this year. Most recently, its attempts to rebound hit a wall at $9.56 on November 10. It has now retreated to the current $5.65 and moved below the 50-day and 100-day Exponential Moving Averages.
The coin remains below the Supertrend indicator, while its top oscillators like the Relative Strength Index and the MACD have continued falling.
The most likely scenario is that it continues to fall as bears target the next key support level at $4.57, where it will form a bullish double-bottom pattern. A drop below that level will invalidate the bullish reversal signal and indicate further gains.