TRUMP Token Price Drops 9% as $20 Million Transferred to Exchanges

A wallet reportedly linked to the official Donald Trump memecoin project has transferred nearly $20 million worth of TRUMP tokens to centralized exchanges. On April 29, on-chain analyst EmberCN reported that the team’s wallet transferred 1.346 million TRUMP tokens, valued at $19.53 million, to three major exchanges. Data from Arkham Intelligence, cited by EmberCN, revealed that about 700,000 TRUMP tokens worth $10.21 million were sent to Binance. Another 350,000 tokens valued at $5.08 million went to OKX, while Bybit received 296,000 tokens worth roughly $4.32 million.

On-chain activity suggests the wallet is linked to the team or another insider and holds over $150 million TRUMP tokens funded via the wallet 7qtDv. While the exact reason behind the transfers remains unclear, such movements typically signal preparations for potential sales. However, insider vested token unlocks began earlier this month.

Meanwhile, this activity coincided with a sharp decline in TRUMP’s price. Data from CryptoSlate shows that the token dropped by 9% over the past 24 hours to trade at $13.78, marking a steep fall from its recent highs. The latest selloff follows heightened excitement about a planned exclusive dinner with President Donald Trump, which initially drove the token’s price and on-chain activity higher.

TRUMP’s token on-chain activity spikes. Blockchain analytics firm Kaiko reported a 200% spike in TRUMP’s trading volume following the dinner announcement. According to the firm, nearly 10,000 wallets engaged in TRUMP token transfers during the surge, generating approximately $2.4 billion in on-chain transaction volume—the busiest day for TRUMP this month. Kaiko’s data showed that most transactions came from smaller wallets, each holding less than $100,000 worth of TRUMP tokens.

Meanwhile, the digital asset’s trading activity on centralized exchanges also soared. Kaiko noted that TRUMP recorded its highest daily volume since mid-February, surpassing all other major memecoins, including DOGE. On the announcement day alone, TRUMP accounted for nearly 50% of total memecoin trading volume across centralized platforms, a clear sign of the token’s dominance. Although trading volumes and on-chain activity have cooled since the initial surge, Kaiko noted that more movement is expected as the competition deadline nears. The event’s rules state that the top 220 holders with the highest average TRUMP holdings between April 23 and May 12 will qualify for the dinner.

At the time of writing, the user known as “Sun” leads the leaderboard with over 1 million time-weighted TRUMP holdings. Meanwhile, the wallet “REAL” holds the 220th position, with just over 1,002 time-weighted TRUMP tokens. The recent transfer of $20 million worth of TRUMP tokens to exchanges suggests that insiders may be preparing to sell their holdings, potentially impacting the token's price. This move comes as the token's price has already experienced a significant decline, dropping by 9% in the past 24 hours. The transfer coincides with the unlocking of insider vested tokens, which began earlier this month, adding to the speculation about the reasons behind the movement. The heightened excitement around the planned exclusive dinner with President Donald Trump initially drove the token's price and on-chain activity higher, but the recent selloff indicates a shift in market sentiment. The transfer of tokens to exchanges could signal preparations for potential sales, which may further impact the token's price in the coming days. The recent spike in TRUMP’s trading volume and on-chain activity, driven by the dinner announcement, highlights the token's popularity and the significant interest from smaller wallets. As the competition deadline approaches, more movement is expected, with the top 220 holders qualifying for the exclusive dinner with President Donald Trump. The current leaderboard shows that the user known as “Sun” holds the highest average TRUMP holdings, while the wallet “REAL” is in the 220th position. The upcoming competition and the potential for further token transfers by insiders add to the uncertainty surrounding the token's future price movements.