Blockchain analytics firm Nansen reports that TRUMP memecoin holders have been offloading significant amounts of the token following a high-profile dinner announcement by former U.S. President Donald Trump. Despite promises of exclusive access, the memecoin saw more than $869 million in outflows over the past week.
Massive Outflows Despite Exclusive Offer
Between April 18–25, TRUMP token experienced heavy sell-offs:
- Outflows: $869 million
- Inflows: Only $96 million, according to Nansen.
The sell-off occurred after Trump offered the top 220 TRUMP holders a chance to apply for a private dinner at a Washington, D.C. golf club and a limited opportunity for a White House tour.
“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” Nansen noted.
While some investors exited, others stayed, likely hoping to secure the dinner invitation or capitalize on price volatility.
Top Holders Still Shrouded in Mystery
The identities of many top TRUMP token holders remain unknown:
- The largest holder owns 1,176,803 TRUMP tokens, valued at $16 million, under the name “Sun”—possibly linked to Justin Sun, founder of Tron and known Trump supporter.
- Other usernames include “elon” and “doge”, though there’s no confirmation if Elon Musk is involved.
The TRUMP team still controls 80% of the token’s supply, raising concerns about potential rug-pulls and conflicts of interest.
Political Controversy Surrounds the TRUMP Memecoin
Launched in January, the TRUMP token, along with a similar project by Melania Trump, has attracted scrutiny from U.S. lawmakers and crypto leaders.
- Critics argue these tokens could lead to ethical issues or market manipulation.
- Trump previously hosted a similar event at Mar-a-Lago for NFT buyers tied to his 2020 election arrest mugshot.
The dinner invite strategy mirrors past efforts to drive hype, but it’s unclear if May 2024 attendees are among the current top holders.
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