The team behind the Official Trump (TRUMP) memecoin transferred approximately $16.91 million in tokens to Fireblocks custody wallets on July 25, a move that coincided with President Donald Trump joking about a fourth term and stalled Senate ethics negotiations over the CLARITY Act.
Arkham Intelligence detected the on-chain transfer of 16.84 million TRUMP tokens to three Fireblocks custody addresses, each of which had previously routed similar holdings to BitGo. “TRUMP TEAM SENT $16M TRUMP TO CUSTODY,” Arkham wrote, highlighting that past movements from those addresses ended up at exchanges via BitGo. The transaction itself does not confirm a sale, but the use of custody wallets intensifies scrutiny on the project’s supply dynamics, as an estimated 80% of the total supply remains in insider hands and roughly 670 million tokens have already unlocked.
The token moves come at a critical juncture for the legislative framework known as the Digital Asset Market Clarity Act (CLARITY Act). Senate Majority Leader John Thune has pushed for a floor vote before the August recess, but Democratic senators are resisting ethics provisions that would leave enforcement solely with the Department of Justice. Sen. Angela Alsobrooks, one of two Democrats who advanced the bill through committee, called the reliance on the DOJ “unserious” and vowed to oppose the bill if unchanged. The White House sent proposed conflict-of-interest language—barring the president, vice president, members of Congress, federal judges, and their spouses from issuing or sponsoring digital assets—to Republican senators on July 20, but enforcement disputes remain unresolved. The deadlock gained renewed significance after financial disclosures indicated President Trump may have earned up to $1.4 billion from crypto-related ventures, amplifying calls from Democrats to include strict ethics guardrails.
Around the same time as the transfers, Trump used his appearance at the White House Correspondents’ Association dinner to revive his long-running suggestion of a third term (or fourth, by his own count), pulling out a red “Trump 2028” hat. Polymarket traders assigned a mere 4% probability to presidential term limits being repealed or altered this year, acknowledging the 22nd Amendment obstacle. The joke, while disconnected from the on-chain activity, put additional public focus on the TRUMP token’s trajectory.
Data from Lookonchain reveals that project-linked wallets have moved 48.25 million TRUMP—worth roughly $172.4 million—in three batches over the past five months, during which the token’s price collapsed by more than 66%. TRUMP has fallen 98% from its January 2025 peak of $73.43, recently trading near $1.55. A Reuters investigation estimated the memecoin generated over $1.2 billion in revenue, with the Trump family receiving roughly $616 million, while investors collectively suffered more than $700 million in losses. The token’s structure, with a large share of supply controlled by project insiders and a multi-year unlock schedule, has become a focal point for critics.
Amid the supply overhang, the project continues to build retention incentives through the Trump Coin Club, a rewards program that ties access to exclusive events to token holdings. The top 23 holders will attend the Formula 1 Singapore Grand Prix in October, and plans extend to Super Bowl LXI in 2027. While the club does not halt the movement of tokens to exchanges, it adds a utility layer that could encourage larger holders to maintain positions even as more supply enters circulation.
