TRUMP Meme Coin Team Moves $32.8 Million to CEX
The TRUMP meme coin value has plummeted by 90% from its peak, raising concerns about market manipulation amid repeated large exchange transfers.
The team behind the Solana-based TRUMP meme coin, a digital asset connected to US President Donald Trump’s brand, has moved 3.527 million tokens (equivalent to about $32.8 million) to Binance.
This transaction is the latest in a string of significant token deposits to centralized exchanges, sparking fresh concerns about the team’s intentions and the potential impact on market stability.
Nearly $150 Million in TRUMP Tokens Have Been Moved
Blockchain analysis platform Lookonchain reported that this latest transfer, conducted on June 21, forms part of a larger pattern.
Since late April, the team has sent more than 12.5 million TRUMP tokens, valued at over $150 million, to exchanges including Binance, OKX, and Bybit.
TRUMP Meme Coin Major Exchange Transfers. Source:
Lookonchain
Market experts caution that these frequent, large-volume deposits to exchanges without transparent communication can heighten uncertainty and trigger price declines.
However, the project representatives previously claimed that the movement of tokens aimed to support liquidity and ensure smooth trading conditions. They also stated that the tokens came from a wallet created specifically for this purpose during the project’s launch phase.
Despite those assurances, the token’s market value has continued to decline.
According to BeInCrypto data, TRUMP has lost around 6% over the past day and currently hovers near $8.68 as of press time. Since its January debut, the token’s value has dropped by around 90% from its peak of over $75.
Meanwhile, the controversy surrounding the token doesn’t stop at market activity. There is also an ongoing political scrutiny surrounding the token’s ties to US President Donald Trump, which further complicates sentiments surrounding the meme coin.
For context, US Representative Brad Sherman recently accused TikTok of planning to spend $300 million on TRUMP tokens in an attempt to sway US policy. However, TikTok has since denied the allegation, calling it both misleading and baseless.
“Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month,” the video-sharing platform stated.
These issues mean the outlook for TRUMP remains uncertain due to the growing skepticism about the token’s utility and persistent price declines.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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