The banquet hasn't ended, but the big shots have already cashed out
When Trump raises a champagne glass at his golf course, the guests below, raising their glasses, have long emptied their pockets of entry tickets.
On May 24, a cryptocurrency dinner named after Trump showcased dark humor. On-chain transaction records do not lie—over 60% of the 'die-hard fans' holding TRUMP tokens worth tens of millions of dollars had already cashed out through exchanges before the event.
Among the top 25 VIPs, only 8 wallets, including Sun Yuchen's, remained to 'hold the scene,' while the total value of the entire elite circle’s holdings has halved, evaporating from a peak of $120 million to less than $53 million.
Interestingly, the structure of the existing holdings: Sun Yuchen's 1.4 million TRUMP tokens and a mysterious address's 2.3 million tokens account for 80% of the total remaining supply. This so-called 'value consensus' celebration has essentially become a capital game supported by two whales.
The 'on-chain detective' discovered clues: within three days after the project team took a 'snapshot' of the holdings on May 12, 17 VIP addresses began a frenzy of transfers.
Some precisely timed their final sell-off to the night before the banquet, splitting tokens worth $3.8 million into 18 small transfers to exchanges.
This kind of action, flipping the table after the meal, is just standard procedure in the crypto world...
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