$150M TRUMP Insider Wallet Shifts $20M in Tokens to Exchanges Amid Price Decline

A wallet associated with the official Donald Trump memecoin project has moved approximately $20 million worth of TRUMP tokens to various centralized exchanges.

On April 29, blockchain analyst EmberCN indicated that the team’s wallet completed a transfer of 1.346 million TRUMP tokens, totaling around $19.53 million, to three prominent exchanges.

Data from Arkham Intelligence, as referenced by EmberCN, showed that nearly 700,000 TRUMP tokens, valued at $10.21 million, were sent to Binance. Additionally, 350,000 tokens worth around $5.08 million were transferred to OKX, while Bybit received 296,000 tokens, approximately valued at $4.32 million.

Analysis of on-chain activities suggests the wallet is connected to the project team or an insider, holding over $150 million in TRUMP tokens, funded through the address 7qtDv.

While the precise motive behind these transfers remains uncertain, such actions often indicate preparations for possible sales. Notably, token unlocks for insiders commenced earlier this month.

At the same time, this activity corresponded with a significant drop in TRUMP’s price. Recent data indicates that the token fell by 9% within 24 hours, trading at $13.78, down from its recent peaks.

This latest downturn follows growing enthusiasm over an upcoming exclusive dinner with President Donald Trump, which had previously boosted the token’s price and on-chain activities.

Surge in TRUMP’s On-Chain Activity

Blockchain analytics firm Kaiko noted a 200% increase in TRUMP’s trading volume following the announcement of the dinner.

The firm reported that nearly 10,000 wallets participated in TRUMP token transfers during this surge, generating close to $2.4 billion in on-chain transaction volume, marking the busiest day for TRUMP this month.

Kaiko’s analysis revealed that the majority of transactions were conducted by smaller wallets, each holding under $100,000 worth of TRUMP tokens.

Additionally, trading activity for the digital asset on centralized exchanges saw a significant rise. Kaiko highlighted that TRUMP achieved its highest daily volume since mid-February, outperforming all other notable memecoins, including DOGE.

On the day of the announcement, TRUMP represented nearly 50% of the total memecoin trading volume across centralized platforms, underscoring the token’s prominence.

Even though trading volumes and on-chain activities have decreased since the initial spike, Kaiko anticipates further movement as the competition deadline approaches. The event’s guidelines stipulate that the top 220 holders with the highest average TRUMP holdings from April 23 to May 12 will be eligible for the dinner.

As of the latest information, a user known as “Sun” is at the top of the leaderboard, boasting over 1 million time-weighted TRUMP holdings. In contrast, the wallet labeled “REAL” occupies the 220th position, with just over 1,002 time-weighted TRUMP tokens.