Cryptocurrencies spent $ 6.4 million on Donald Trump’s tokens

A lot of activity among millionaire investors has once again drawn attention to the Official Trump (TRUMP) token. According to AMBCrypto, two new major investors have spent a total of $ 6.42 million on TRUMP purchases in the past 24 hours, bringing back interest in the token following the announcement of a private dinner with Donald Trump for top virtual asset holders.

One of the new whales, which had previously sold its TRUMP assets, purchased 337,950 tokens worth $ 5.2 million after the news of the event. Another major player exited Fartcoin after investing $ 1.22 million in TRUMP. This happened against the backdrop of a slowdown in spot sales, when traders sold TRUMP worth about $ 27.63 million per day the day before.

In the derivatives segment of the market, there is a fragile balance between bulls and bears. Liquidation data show almost identical volumes of closed long and short positions — $ 4.42 million and $ 4.37 million, respectively. Nevertheless, the overall mood remains optimistic due to the positive value of the OI-Weighted Funding Rate, which indicates a possible continuation of the upward trend.

However, the negative level of funding (-0.0019) and the prevalence of short positions indicate significant selling pressure in the market. The volume of derivatives trading also remains low, which reinforces bearish sentiment. If the ratio of long to short positions remains below one, the price of the TRUMP may continue to decline.