Big Crypto Wallet Transfer Trend Related to TRUMP Meme Coin
A cryptocurrency wallet associated with the Trump-themed meme coin has made another massive transfer. According to on-chain analysis by Lookonchain, the wallet sent 3.527 million TRUMP tokens, worth an estimated $32.8 million, to Binance on Friday. The move happened just 30 minutes before the community learned about it publicly.
It doesn’t stop there. Since April 28, wallets associated with the team have transferred a total of 12.54 million TRUMP tokens to cryptocurrency exchanges such as Binance, Coinbase, OKX, and Bybit. The total value of these transactions is approximately $150.68 million, divided into four separate tranches.
Evidence of ability to sell before major drawdowns
The latest transaction originated from the “Official Trump Meme? Squads Vault” wallet. This wallet first transferred the Tokens through an intermediary wallet and then sent them to Binance’s hot wallet.
There was also a smaller transaction, of 189 TRUMP tokens worth around $1,760, that occurred just before the larger deposit. Fortunately, there has been no official confirmation of the sale. However, large deposits to centralized exchanges are often a signal of a sell-off.
Many investors are concerned that the TRUMP token could be hit by a large influx of capital into exchanges. The coin has attracted attention for its political sensitivity and has surged in value in recent months, largely due to positive reactions to memes and election campaigns.
Large trades and potential market volatility
The most significant transaction was on June 4, when more than $46.9 million worth of TRUMP tokens were transferred to multiple exchanges at once. These moves suggest a strategy to reduce risk or take advantage of price peaks to increase profits.
Additionally, just a day earlier, another whale had transferred $143 million in TRUMP tokens to an unknown wallet, adding to the mystery surrounding these massive withdrawals.
Surges in capital flows to exchanges like Binance are often seen as a precursor to market volatility, and investors are waiting to see if this is a preparation for a major sell-off or just a short-term asset restructuring strategy.
Eric Trump reassures the community about the future of TRUMP coin
Eric Trump has recently calmed internal disputes within the Trump family’s cryptocurrency empire. In a post on X (formerly Twitter) Friday, he announced that the Trump family-backed World Liberty Financial Group plans to buy a large amount of the meme coin.
According to Eric, the team behind the Trump-themed Token has decided to abandon the controversial wallet project that had strained relations with World Liberty Financial. They see it as a step forward in their overall strategy for the development of the Trump family-related cryptocurrency ecosystem.
The announcement comes after Bloomberg reported that World Liberty Financial sent a warning letter to Fight Fight Fight, the entity that developed the TRUMP memecoin, over its “$TRUMP wallet” project, which the company said conflicts with its control of Trump’s cryptocurrency ecosystem.
Until these controversies are clearly resolved, investors will continue to closely monitor TRUMP Token conversion activities, to predict the direction of the market in the coming time.
Source: https://tintucbitcoin.com/trump-chuyen-328-trieu-usd-sang-binance/
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