Major $TRUMP Token Holder Sells $2.49 Million Amid 30% Decline

A major holder of $TRUMP tokens, identified as "Kewh32," recently executed a significant sale, offloading 275,672 tokens valued at $2.49 million. This move comes at a time when the $TRUMP token has experienced a 30% decline over the past 30 days, raising concerns about potential market exits. The sale was executed through a limit order, indicating a strategic decision to liquidate a substantial portion of the holdings.

This development coincides with the New York Stock Exchange's official filing with the US Securities and Exchange Commission to list a new rule that would allow for the launch of Trump’s proposed Truth Social ETF. If approved, this ETF would mark a significant step in Trump’s foray into crypto finance, potentially launching within 90 days. The ETF is designed to include both Bitcoin and Ethereum, positioning Truth Social as a major player in the digital asset space.

The wallet "Kewh32" had previously sold approximately $1 million worth of $TRUMP tokens just 15 days prior to the recent sale. This wallet still holds over 369,000 $TRUMP tokens, valued at around $3.3 million. The timing of these sales coincides with the removal of liquidity by the Trump Meme Team, which pulled 4.4 million USDC and 347,438 $TRUMP tokens, valued at approximately $3.12 million. The team then bridged the USDC to Ethereum and transferred the $TRUMP tokens to a new wallet, raising questions about whether this was a strategic move or a stealthy exit.

The recent decline in $TRUMP token prices, which have dropped by nearly 40% over the last 60 days, adds to the concerns. However, the token remains up by 645% on a year-to-date basis, trading at an average price of $9 at the time of the report. The partner token, Official Melania Meme, has also seen a significant drop, with its price down by 98% from its all-time high of $13.73, currently trading at an average price of $0.213.

Trump Media has proposed both a combined Bitcoin-and-Ethereum ETF and a standalone Bitcoin ETF, with plans to raise $2.5 billion to make Truth Social one of the largest Bitcoin holders. This move could potentially turn DJT into a meme stock and a crypto giant, given that 52% of DJT is owned by a Trump trust. If these ETFs go live and the meme coin liquidity returns, Donald Trump could see a significant redemption arc fueled by Bitcoin.