Is there Evidence of the TRUMP Meme Coin Team Shedding Tokens Following a Dinner Invitation and Token Price Uptick?
Fresh Take:
A recent buzz has hit the cryptocurrency world as massive quantities of the popular meme coin, which saw a significant increase in value recently, have been transferred to centralized exchanges by the coin's creators. The community isn't happy about this move, as many see it as a potential plan to dump the coin.
This digital asset has sparked debates ever since it was launched just before Donald Trump's inauguration. The centralization, token release schedule, dramatic price rise, and subsequent fall have caused a lot of controversy, with even whispers about investigations into the coin's team and the current POTUS.
The fall in the coin's price was halted last week when news broke out that the top 220 holders get a chance to attend an exclusive dinner at the Trump National Golf Club in Washington, D.C., scheduled for May 22. Crypto enthusiasts couldn't resist buying this token due to the hype, causing its price to skyrocket by approximately 100% within a short span of time.
Prominent figures such as Justin Sun were reported to be among the top investors in TRUMP, which could grant them a unique VIP reception and an exclusive tour of the White House. However, there were also reports of whales cashing out big profits due to fast and speculative trading following the dinner news. Some even shorted the asset on Hyperliquid, anticipating another crash.
Now, though, it seems like the team behind the coin may be disposing of their holdings after the price surge. According to Lookonchain, large portions have been deposited into centralized exchanges, such as Binance, OKX, and Bybit. Although transfers to exchanges don't necessarily mean an immediate sell-off, it certainly raises eyebrows.
Crypto community members are raising questions about the political influence of such tokens related to prominent figures and their impact on the market.
The MELANIAcoin ConundrumAlthough Melania Trump hasn't promised anything similar, a coin named after her has experienced a modest price increase in the past week, peaking at $0.55 before correcting to its current value of $0.44.
Of interest, Lookonchain has noticed that the team behind the MELANIA coin has started a DCA (Dollar Cost Averaging) strategy for direct sales, which coincides with the coin's price surge.
TRUMP by the Numbers
- Transfer Amount: A team-linked wallet transferred $19.5-$19.6 million in TRUMP tokens to exchanges[3][5].
- Announcement Impact: The VIP dinner announcement drove the TRUMP token to briefly surpass Dogecoin in trading volume[4][5], capturing around 50% of the meme coin activity on centralized exchanges[5].
- Price Volatility: TRUMP rallied approximately 70% weekly despite short-term pullbacks[1][5], showing investor sentiment possibly ignorance ahead of the May 22 event[5].
With the recent transfers and the timing amid regulatory concerns, there are fears of market manipulation. Therefore, investors should closely monitor exchange inflows and regulatory developments to make informed decisions.
- The potential plan to dump the coin by the creators of the digital asset, known as TRUMP, has sparked concerns among the crypto community, with discussions revolving around market manipulation.
- The recent transfers of large portions of TRUMP tokens to centralized exchanges, such as Binance, OKX, and Bybit, have raised eyebrows and heightened speculation.
- Investors should remain vigilant in monitoring exchange inflows and regulatory developments regarding TRUMP, as its transfer amount indicates a significant sum of $19.5-$19.6 million in TRUMP tokens were moved.
- In a stark contrast, a coin named MELANIAcoin, though not linked to any political figures, has shown steady growth, peaking at $0.55 before correcting to its current value of $0.44.
- The team behind MELANIAcoin has initiated a Dollar Cost Averaging (DCA) strategy for direct sales, coinciding with the coin's price surge, prompting a debate about the role and influence of such tokens within the crypto market.
