The big investors are accumulating the memecoin $TRUMP ahead of an upcoming gala organized by President Donald Trump at Mar-a-Lago on April 28, even as the token trades near historic lows and the pending event faces political scrutiny.
Data tracked by blockchain researcher Lookonchain shows notable whale purchases through centralized exchanges. One whale, “8DHkza,” withdrew 850,488 tokens $TRUMP (valued at approximately $2.4 million) from Bybit in the last two days. Another address, “7EtuAt,” withdrew 105,754 tokens (around $298,000) from Binance 17 hours ago and currently holds 1.13 million tokens, valued at approximately $3.2 million.
Outflows from exchanges are considered a representation of investors' intention to take direct custody of coins and hold them long-term. Therefore, outflows are interpreted as a signal of accumulation and potentially a reduction in immediate sell-side liquidity in the market.
Accumulation occurs ahead of an exclusive invitation-only lunch, supposedly limited to the 297 top holders of $TRUMP tokens, of which the top 29 receive exclusive VIP access to Donald Trump.
However, $TRUMP continues to trade at historic lows near $2.80, with a 0.2% decline over a 24-hour period and more than 1% over seven days. The token was under pressure this week after CoinDesk reported the controversial lending strategy of the crypto company linked to Trump, World Liberty Financial, on the DeFi platform Dolomite.
#TRUMP
Data tracked by blockchain researcher Lookonchain shows notable whale purchases through centralized exchanges. One whale, “8DHkza,” withdrew 850,488 tokens $TRUMP (valued at approximately $2.4 million) from Bybit in the last two days. Another address, “7EtuAt,” withdrew 105,754 tokens (around $298,000) from Binance 17 hours ago and currently holds 1.13 million tokens, valued at approximately $3.2 million.
Outflows from exchanges are considered a representation of investors' intention to take direct custody of coins and hold them long-term. Therefore, outflows are interpreted as a signal of accumulation and potentially a reduction in immediate sell-side liquidity in the market.
Accumulation occurs ahead of an exclusive invitation-only lunch, supposedly limited to the 297 top holders of $TRUMP tokens, of which the top 29 receive exclusive VIP access to Donald Trump.
However, $TRUMP continues to trade at historic lows near $2.80, with a 0.2% decline over a 24-hour period and more than 1% over seven days. The token was under pressure this week after CoinDesk reported the controversial lending strategy of the crypto company linked to Trump, World Liberty Financial, on the DeFi platform Dolomite.
#TRUMP