Is the Official Trump Team Offloading TRUMP Token as its Value Plummets by 13% in a Week?

Rumors once again circulate that the team supporting the meme coin associated with the US President may be preparing to sell, as large amounts of the token have been deposited into exchanges. This comes after the TRUMP token's value took a hit, nearly wiping out all gains generated by hype.

Lookonchain reported that a wallet tied to the TRUMP team transferred nearly $47 million worth of the token to various exchanges. While these movements don't guarantee a sell-off, they suggest the likelihood, as large investors and project teams usually deposit funds when preparing to sell. Despite numerous similar transfers in the past few months, the US President denies profiting from the meme coin.

The token's price, which had soared to $16 following an event announcement, has been on a downward trend, now standing below $11 after a 13% weekly drop.