Summary:
- A wallet linked to Donald Trump’s memecoin project transferred nearly $20 million worth of TRUMP tokens to major exchanges on April 29.
- The tokens were sent to Binance, OKX, and Bybit, signaling potential preparations for a sale as the price of TRUMP drops.
- The transfer comes after a significant surge in TRUMP’s on-chain activity, driven by excitement around an exclusive dinner with the former President.
- Despite a recent dip in price, trading volume remains high, with a 200% spike recorded during the announcement of the dinner.
Insider Wallet Transfer of $20 Million Worth of TRUMP Tokens
A significant transfer of nearly $20 million worth of TRUMP tokens was observed on April 29, sparking speculation about the future direction of the memecoin. On-chain analyst EmberCN reported that the wallet tied to the official Donald Trump memecoin project moved a total of 1.346 million TRUMP tokens. The tokens, valued at $19.53 million, were sent to major centralized exchanges, including Binance, OKX, and Bybit.
Arkham Intelligence, which provided data on the transfer, indicated that the majority of the tokens—about 700,000—were sent to Binance, valued at $10.21 million. A smaller amount, 350,000 tokens worth $5.08 million, went to OKX, while Bybit received 296,000 tokens worth approximately $4.32 million. This transfer could indicate preparations for potential sales, though the exact reasons behind the move remain unclear.
TRUMP Price Takes a Hit Amidst Increased On-Chain Activity
This large-scale transfer came just as TRUMP’s price experienced a sharp decline. The token saw a 9% drop in value within 24 hours, falling to $13.78. This drop marked a significant decrease from the recent highs of the token’s price. The sell-off follows an initial price surge fueled by excitement surrounding an exclusive dinner with Donald Trump.
Blockchain analytics firm Kaiko noted that the trading volume for TRUMP spiked 200% following the announcement of the dinner. The firm reported that nearly 10,000 wallets engaged in TRUMP token transfers, generating a whopping $2.4 billion in on-chain transaction volume. This surge in activity made it the busiest day for TRUMP this month, highlighting the token’s volatility and the intense interest surrounding it.
TRUMP Dominates Memecoin Market on Trading Platforms
The on-chain surge of TRUMP was mirrored by significant trading activity on centralized exchanges. According to Kaiko, TRUMP accounted for nearly 50% of the total memecoin trading volume on centralized platforms on the day of the dinner announcement. This level of trading dominance made TRUMP the most active memecoin, surpassing even established players like Dogecoin.
Despite the cooling of trading volumes in the days following the surge, Kaiko suggested that further movement is likely as the competition deadline for the exclusive dinner approaches. The event’s rules state that the top 220 holders of TRUMP tokens with the highest average holdings between April 23 and May 12 will be eligible for the dinner.
Conclusion: A Roller Coaster Ride for TRUMP Token
The TRUMP memecoin has seen significant volatility in recent days, with major transfers and price fluctuations capturing the attention of investors and the wider crypto community. As the competition deadline approaches, there could be more movement in the market, especially with the large wallet holding over $150 million in TRUMP tokens. Whether this marks a peak or a dip for TRUMP remains to be seen, but the coming days will likely continue to provide plenty of action for investors and enthusiasts alike.