TRUMP Meme Coin Sees $32.8 Million Transfer to Binance Amid Selloff Fears

A wallet linked to the TRUMP meme coin, a cryptocurrency themed around former U.S. President Donald Trump, transferred 3.527 million TRUMP tokens, valued at approximately $32.8 million, to the cryptocurrency exchange Binance on Friday. This transaction was detected by on-chain analytics firm Lookonchain and occurred just 30 minutes before it became public knowledge.

This transfer is part of a larger series of movements. Since April 28, wallets affiliated with the TRUMP team have moved a total of 12.54 million TRUMP tokens to various crypto exchanges, including Binance, Coinbase, OKX, and Bybit. The cumulative value of these transfers is around $150.68 million, sent in four separate tranches. The most recent transfer came from a wallet identified as “Official Trump Meme? Squads Vault,” which first sent the tokens through another intermediary wallet before depositing the same amount into Binance’s hot wallet.

In addition to the large transfer, a smaller transfer of 189 TRUMP tokens, worth just $1,760, also occurred just before the larger deposit. There has been no confirmed sale of the tokens, but large deposits to centralized exchanges are often seen as a precursor to a selloff. This has prompted concerns among some traders that there could be downward price pressure on the token.

The TRUMP coin has surged in value in recent months due to increased enthusiasm for meme coins and election-year hype. However, substantial inflows to exchanges have the potential to change the market dynamics. The last significant TRUMP transaction occurred on June 4, in which more than $46.9 million worth of TRUMP tokens were transferred to several exchanges simultaneously. The type and magnitude of recent transfers indicate one potential approach to reduce risk or monetize peak prices.

Adding to the mystery, another whale moved TRUMP coins worth $143 million to an unknown wallet just a day before the latest deposit on Binance. Surges in inflows to exchanges such as Binance are typically a precursor to price turbulence. Investors are now waiting to see whether this transfer is the beginning of a larger sell-off or simply a strategic reorganization of assets in the days ahead.

Eric Trump recently suggested that internal tensions within Donald Trump’s growing crypto empire have begun to ease. In a post on X (formerly Twitter) Friday, he announced that the Trump family-backed World Liberty Financial plans to purchase a “substantial” amount of the meme coin at the center of the recent dispute. According to Eric, the group behind the Trump-themed token has decided not to move forward with a controversial digital wallet offering that had sparked a rift with World Liberty Financial, a crypto venture partially owned by the Trump family.

The statement came just a day after a cease-and-desist letter was issued by World Liberty Financial to Fight Fight Fight, the organization behind the TRUMP memecoin. The letter challenged their development of the “$TRUMP Wallet,” which World Liberty viewed as a conflict, especially as it was preparing to launch its own competing wallet. The cease-and-desist has not been made public, but a source familiar with the matter confirmed its existence, highlighting the internal battle for control and branding rights within Trump’s increasingly lucrative crypto ecosystem.