Wallets affiliated with the $TRUMP Coin team have moved a total of $150 million in coins to cryptocurrency exchanges since April.
Another big crypto move has just happened involving the Trump themed TRUMP coin. According to Lookonchain, a wallet linked to the Trump team has just deposited 3.527 million TRUMP, worth $32.8 million, into Binance.
Trump-linked wallets transfer a total of $150M in TRUMP coins to exchanges
The transfer took place just 30 minutes before the announcement. This is not the first time the wallets have transferred funds. Since April 28, wallets affiliated with Team Trump have now sent a total of 12.54 million TRUMP coins to exchanges.
That’s a total value of about $150.68 million. The deposits came in four separate batches. The latest deposit was tracked to a wallet labeled "Official Trump Mem? Squad's Vault."
He sent 3.527 million $TRUMP to another wallet, which immediately sent the same amount to Binance's hot wallet. This transfer was preceded by a small deposit of 189 TRUMP, worth about $1,760.
When large amounts of tokens are sent to exchanges, this often signals a potential sell-off. It doesn't confirm a sale, but it gives investors and traders something to look at. The team behind the wallet could be looking to cash in at current price levels.
The transition raises market questions.
The $TRUMP coin is a political commemorative coin centered around Donald Trump. It has been the subject of a lot of attention in the past few months. The crypto world grew in value after political momentum and meme culture converged. But these recent reserves could create price pressure if the tokens hit the market.
The timing of these transitions is also interesting. The most recent major move before today was on June 4th. On that day, $46.97 million worth of memecoin was collected on Binance, OKX, Coinbase, and Bybit.
The frequency and size of the deposits suggest a plan by token holders to reduce risk or gain profits. Some users believe that this could be part of a funding strategy. The impact on price depends on how many of the collected tokens are actually sold.
Binance Inflow follows a separate $143M transfer of coins.
For now, traders should be cautious. A large influx into Binance often precedes a market move. Looking at price levels and exchange balances can help spot the next big move. The market's reaction over the next 24 hours will show whether this was just a transition or the start of a larger trend.
Yesterday, another TRUMP coin wheel moved $143 million worth of memecoins to an unknown wallet.