Likely $150M TRUMP insider wallet moves $20M tokens to exchanges as price dips
A wallet reportedly linked to the official Donald Trump memecoin project has transferred nearly $20 million worth of TRUMP tokens to centralized exchanges.
On April 29, on-chain analyst EmberCN reported that the teams wallet transferred 1.346 million TRUMP tokens, valued at $19.53 million, to three major exchanges.
Data from Arkham Intelligence, cited by EmberCN, revealed that about 700,000 TRUMP tokens worth $10.21 million were sent to Binance. Another 350,000 tokens valued at $5.08 million went to OKX, while Bybit received 296,000 tokens worth roughly $4.32 million.
On-chain activity suggests the wallet is linked to the team or another insider and holds over $150 million TRUMP tokens funded via the wallet 7qtDv.
While the exact reason behind the transfers remains unclear, such movements typically signal preparations for potential sales. However, insider vested token unlocks began earlier this month.
Meanwhile, this activity coincided with a sharp decline in TRUMPs price. Data from CryptoSlate shows that the token dropped by 9% over the past 24 hours to trade at $13.78, marking a steep fall from its recent highs.
The latest selloff follows heightened excitement about a planned exclusive dinner with President Donald Trump, which initially drove the tokens price and on-chain activity higher.
TRUMPs token on-chain activity spikes
Blockchain analytics firm Kaiko reported a 200% spike in TRUMPs trading volume following the dinner announcement.
According to the firm, nearly 10,000 wallets engaged in TRUMP token transfers during the surge, generating approximately $2.4 billion in on-chain transaction volumethe busiest day for TRUMP this month.
Kaikos data showed that most transactions came from smaller wallets, each holding less than $100,000 worth of TRUMP tokens.
Meanwhile, the digital assets trading activity on centralized exchanges also soared. Kaiko noted that TRUMP recorded its highest daily volume since mid-February, surpassing all other major memecoins, including DOGE.
On the announcement day alone, TRUMP accounted for nearly 50% of total memecoin trading volume across centralized platforms, a clear sign of the tokens dominance.
Although trading volumes and on-chain activity have cooled since the initial surge, Kaiko noted that more movement is expected as the competition deadline nears. The events rules state that the top 220 holders with the highest average TRUMP holdings between April 23 and May 12 will qualify for the dinner.
At the time of writing, the user known as Sun leads the leaderboard with over 1 million time-weighted TRUMP holdings. Meanwhile, the wallet REAL holds the 220th position, with just over 1,002 time-weighted TRUMP tokens.
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Text source: CryptoSlate
