As the first vesting unlocked live on April 18, the TRUMP token-holders faced steep losses, releasing 40 million tokens, worth roughly $309 million, into circulation at a 90 per cent discount from their peak.
The unlocked tokens ammount for 20 per cent of the current circulating supply and can also introduce fresh volatility as a previously illiquid portion of the supply hits the market.
According to Cointelegraph, the CoinGecko reported the TRUMP token price has fluctuated between $7.46 and $7.83 in the past 24 hours.
April 18 is the first unlock event for the TRUMP token, with steady, smaller unlocks following from that date.
Advertisement
As per Cointelegraph, TRUMP'S token is down 89.5% from its all-time high of $73.43 recorded on Jan. 19, just two days after launching ahead of US President Donald Trump's inauguration.
The token's value collapsed in the weeks following its debut, with over 800,000 wallets suffering a total of $2 billion in losses, according to estimates from blockchain analytics firm Chainalysis
Canary Capital Files For Staked TRX ETF
The United States asset manager, Canary Capital has filed to list an exchange-traded fund (ETF) holding the Tron blockchain network’s native token, TRX TRX$0.2511, regulatory filings show.
The filling said, that this fund aims to hold spot TRX and stake a portion of the tokens for added yield.
Advertisement
According to Cointelegraph, the CoinMarketCap reported, that data from Stakingrewards.com shows. the TRX token has a total market capitalization of more than $22 billion. Staking TRX generates an annualized yield of approximately 4.5%
In the outpouring of the submissions, the filing is the latest, aimed at listing ETFs holding alternative cryptocurrencies, or “altcoins.”
Brazil’s Meliuz floats to boost Bitcoin buying strategy
Meliuz, a Brazilian fintech firm has floated a plan to expand its Bitcoin holdings and make the cryptocurrency a strategic asset on the company’s books.
According to a translated April 14 statement, Meliuz, which gives cashback and financial technology services, is taking the plan to make Bitcoin BTC$85,350 the primary strategic asset in the firm’s treasury to shareholders in a meeting slated for May 6.
Advertisement
According to the Cointelegraph, the company also said that its core business will remain unchanged, but “the generation of cash from operations is fundamental to the strategy of acquiring more Bitcoin over time.”
Bitcoin will be adopted if the shareholders approve the measure, as the firm’s main strategic treasury asset, but it will also look to foster “the incremental generation of Bitcoin for its shareholders, whether through the generation of operating cash or through possible financial transactions and strategic initiatives.”
