A suspected team wallet of the TRUMP meme coin has moved a significant amount of tokens, worth approximately $47 million, which is spiking discussions on the likelihood of selling off the funds.
As per the data from blockchain analytics firm Arkham, an address supposedly linked to the TRUMP Meme team withdrew 4.167 million TRUMP tokens—valued at approximately $47 million—from the Squads Vault.Â
The tokens were then transferred to deposit addresses of leading crypto exchanges, including Binance, OKX, Bybit, and Coinbase, with it sparking speculation for a potential dump.
At the time of writing, TRUMP is trading near $11.17—dropping nearly 13% in the past 7 days, while overall down 85.16% from its all-time high.
The token witnessed significant spikes in trading volumes in May amid the anticipation around the Trump Gala Dinner, but its now flowing into void.
The TRUMP meme coin, launched by the U.S. President Donald Trump, has been a controversial project since its launch. Its ties with Trump-backed entities, including CIC Digital LLC and Fight Fight Fight LLC, have previously raised serious concerns, as both these firms reportedly control 80% of the token supply.
The rapid surge in TRUMP’s market value, which surged as high as $70 billion in market cap within 60 hours of its release, had also caused congestion on the Solana network at the time.
Such moves like this have proven to be dicey historically, as a similar transfer of 3.5 million TRUMP tokens ($52.48 million) on May 10 reportedly led to a 35% spike in trading volume, signaling heightened market activity and volatility. This latest move has now again reignited debates among holders, with some fearing profit-taking by the team.
Also read: President Trump’s Truth Social Files for Bitcoin ETF, DJT Stock Jumps
