The development team behind the US President Donald Trump-themed memecoin TRUMP transferred 3.5 million TRUMP tokens, valued at approximately $32.8 million, to the Binance exchange recently, according to onchain data.
This transfer is part of a larger pattern since April 28, when wallets associated with the memecoin's developers moved a total of 12.54 million TRUMP tokens worth around $150.68 million in four batches to various exchanges. These actions suggest potential large-scale sell-offs or liquidity management by the developers.
Currently, about 200 million of the total 1 billion TRUMP tokens are in circulation, with a significant portion of the remaining tokens still locked in developer wallets and expected to be released gradually.
The market reacted to the recent transfer with a 4.2% drop in the price of TRUMP tokens on Binance, reflecting the impact of substantial token movements on market sentiment and price volatility. The total market capitalization of TRUMP is around $1.8 billion, which has declined from its peak of over $9 billion.
These mass transfers have raised questions and skepticism within the community about possible future sell-offs and the motives behind the transfers, especially given the lack of official statements from project leaders or regulatory bodies.
The ongoing activity involving the TRUMP token highlights the broader implications of large-scale token movements by project insiders in speculative memecoin markets, influencing price stability and investor sentiment.