Trump's Cryptocurrency Drops 13% in a Week: Speculation Surrounds Potential Selling by the Team
Blunt, Unfiltered Take on Trump's 'TRUMP' Meme Coin
The 'TRUMP' Meme Coin, once touted at a whopping $75, now struggles below the $11 mark, losing a hefty 13% over the past week. This steep dive has folks talking, with whispers like "Did the dev team ditch their tokens once more?" gaining traction, given the millions of 'TRUMP' coins funneled to exchanges by the development team.
A Cool $47 Million in 'TRUMP' Sent to Binance & Coinbase
According to a report by blockchain analytics platform Lookonchain, a wallet linked to the 'TRUMP' team showered leading exchanges like Binance and Coinbase with a massive $47 million worth of 'TRUMP' tokens.
Whether these transfers signify a sell-off isn't clear-cut. Such activities are generally seen as precursors to sales by bigwig investors moving their assets to exchange houses, but they don't necessarily imply selling.
The Dinner Invite-Fueled Price Spike
The price of 'TRUMP' tokens skyrocketed and touched $16 after President Trump himself extended a private dinner invite to the meme coin's richest investors at his golf resort on May 22. Only the top 220 investors received the golden ticket. However, the price took a nosedive immediately following the event, erasing most of the hype-driven gains.
Post the event reveal, the sudden spike in on-chain activity begged for a formal investigation by the Democrats.
Trump: "I Ain't Profited"
Despite the controversies surrounding 'TRUMP' meme coin, President Trump declared to NBC News anchor Kristen Welker that he's kept his pockets free from meme coin gains.
The recent 13% slump in 'TRUMP' price has raised alarm bells, with analysts advising investors to keep a close eye on any continuous transfers to the exchange.
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- The recent transfer of $47 million worth of 'TRUMP' tokens from a wallet linked to the 'TRUMP' team to exchanges like Binance and Coinbase is suspicious and might suggest a potential selling strategy, although it doesn't necessarily confirm selling.
- Given the recent 13% slump in the price of 'TRUMP' tokens, analysts are advising investors to monitor any continuous transfers to exchanges for potential indications of selling activity.
