Trump Meme Coin Team Withdraws $4.6M Ahead of Major Token Unlock
1min read The creators of President Donald Trump’s Solana meme coin made their first-ever withdrawals on Tuesday, transferring $4.6 million worth of the project’s liquidity to a coinbase Prime account. This move comes just days before the project’s first major token unlock, scheduled for Thursday. Upon the three-month anniversary of the coin’s launch, 40 million TRUMP tokens are set to be released into circulation. At the current value, this sum is worth approximately $309 million. At the TRUMP token’s peak price, shortly after its launch, this amount would have been worth around $2.9 billion.
The reason behind the coin’s team opting to withdraw $4.6 million from the project this week remains unclear, as does whether this timing is correlated with the upcoming token unlock. A spokesperson for longtime Trump business partner Bill Zanker, who is listed on documents for an LLC linked to the token project, did not immediately respond to a request for comment on the development.
The $4.6 million in USDC was bridged from Solana to a wallet on Ethereum, after which the funds were sent to wallets labeled as Coinbase Deposit or Coinbase Prime Custody wallets. The TRUMP token has steadily declined in value since its launch on January 17. It is currently down 89% from its all-time high, trading at $7.73 at the time of writing.
Flooding the market with millions more TRUMP tokens is likely to further depress the token’s price. After the initial unlock of 40 million tokens, another 760 million tokens will be released steadily on a daily basis after various cliffs, with the full supply of 1 billion tokens circulating by January 2028, according to the official roadmap. Analysts previously noted that this week’s unlock is likely to increase sell pressure on the token, though the coin’s unique user base, including many first-time crypto buyers, may not be as susceptible to typical industry triggers.
A significant 80% of the project’s ultimate 1 billion token supply is allocated for the project’s owners and creators, including Trump himself. This allocation raises questions about the potential impact on the token’s value and the market dynamics surrounding it. The upcoming token unlock and the subsequent release of tokens could lead to increased volatility and uncertainty in the market, affecting both the token’s price and investor sentiment.
