Price Action for TRUMP, PEPE Defies Logic After Large On-Chain Moves

Suspicious on-chain activity involving the OFFICIAL TRUMP (TRUMP) token and PEPE sparked concern in the crypto market Tuesday. Data showed large, potentially questionable transactions for both assets.

Lookonchain data showed the TRUMP token developer withdrew $4.6 million in USDC liquidity roughly 13 hours before the report. Those funds were bridged to Ethereum and deposited into Coinbase Prime.

https://twitter.com/lookonchain/status/1912356900290892226

Meanwhile, Lookonchain also flagged five wallets linked to privacy mixer Tornado Cash spending $4.28 million to acquire 611 billion PEPE tokens within the prior 8 hours.

How Did $TRUMP Price React to Developer’s $4.6M Liquidity Pull?

Despite the heavy liquidity pull by the developer – often a bearish signal – $TRUMP’s price remained relatively stable, trading at $7.99 after a modest daily gain of 0.53%. The market cap stands strong at $1.59 billion, though trading volume dipped by 6.22%.

The token saw a mild downward drift earlier before a surge pushed it past $8.00, but it quickly pulled back below that mark. Buyers repeatedly defended support evident near $7.85 and $7.80.

Source: CoinMarketCap

Resistance appears firm at $8.05, with sellers showing up at that level. A minor resistance zone around $7.96 to $7.98 has now flipped into support after the recent breakout.

The volume-to-market cap ratio at 22.93% indicates healthy activity. However, with volume dropping, the bullish trend may weaken unless buying pressure returns quickly.

Why Did PEPE Price Dip Despite $4.28M Buy From Tornado Cash Wallets?

The large PEPE purchase from Tornado Cash-linked wallets also preceded unusual price action. $PEPE token currently trades at $0.0007117, down 2.48% for the day. Still, it holds a market cap of $2.99 billion and has seen a slight volume increase to $563.41 million, suggesting intensified trading.

Source: CoinMarketCap

Notably, the price action has been volatile. After peaking near $0.0007323, the token declined before finding support around $0.000688. Since then, it has rebounded modestly.

The $0.000700 zone is crucial, acting as both psychological and technical support. On the flip side, resistance remains heavy near $0.000720 to $0.0007323.

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