A pockets reportedly linked to the official Donald Trump memecoin mission has transferred almost $20 million price of TRUMP tokens to centralized exchanges.
On April 29, on-chain analyst EmberCN reported that the staff’s pockets transferred 1.346 million TRUMP tokens, valued at $19.53 million, to a few main exchanges.
Information from Arkham Intelligence, cited by EmberCN, revealed that about 700,000 TRUMP tokens price $10.21 million had been despatched to Binance. One other 350,000 tokens valued at $5.08 million went to OKX, whereas Bybit acquired 296,000 tokens price roughly $4.32 million.
On-chain exercise suggests the pockets is linked to the staff or one other insider and holds over $150 million TRUMP tokens funded by way of the pockets 7qtDv.
Whereas the precise cause behind the transfers stays unclear, such actions usually sign preparations for potential gross sales. Nonetheless, insider vested token unlocks started earlier this month.
In the meantime, this exercise coincided with a pointy decline in TRUMP’s worth. Information from CryptoSlate exhibits that the token dropped by 9% over the previous 24 hours to commerce at $13.78, marking a steep fall from its current highs.
The newest selloff follows heightened pleasure a few deliberate unique dinner with President Donald Trump, which initially drove the token’s worth and on-chain exercise larger.
TRUMP’s token on-chain exercise spikes
Blockchain analytics agency Kaiko reported a 200% spike in TRUMP’s buying and selling quantity following the dinner announcement.
In accordance with the agency, almost 10,000 wallets engaged in TRUMP token transfers through the surge, producing roughly $2.4 billion in on-chain transaction quantity—the busiest day for TRUMP this month.
Kaiko’s knowledge confirmed that almost all transactions got here from smaller wallets, every holding lower than $100,000 price of TRUMP tokens.
In the meantime, the digital asset’s buying and selling exercise on centralized exchanges additionally soared. Kaiko famous that TRUMP recorded its highest every day quantity since mid-February, surpassing all different main memecoins, together with DOGE.
On the announcement day alone, TRUMP accounted for almost 50% of complete memecoin buying and selling quantity throughout centralized platforms, a transparent signal of the token’s dominance.
Though buying and selling volumes and on-chain exercise have cooled because the preliminary surge, Kaiko famous that extra motion is predicted because the competitors deadline nears. The occasion’s guidelines state that the highest 220 holders with the best common TRUMP holdings between April 23 and Might 12 will qualify for the dinner.
On the time of writing, the person referred to as “Solar” leads the leaderboard with over 1 million time-weighted TRUMP holdings. In the meantime, the pockets “REAL” holds the 220th place, with simply over 1,002 time-weighted TRUMP tokens.
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