The group behind the Solana-based TRUMP meme coin, a digital asset related to US President Donald Trump’s model, has moved 3.527 million tokens (equal to about $32.8 million) to Binance.
This transaction is the most recent in a string of serious token deposits to centralized exchanges, sparking recent issues in regards to the group’s intentions and the potential influence on market stability.
Practically $150 Million in TRUMP Tokens Have Been Moved
Blockchain evaluation platform Lookonchain reported that this newest switch, performed on June 21, varieties half of a bigger sample.
Since late April, the group has despatched greater than 12.5 million TRUMP tokens, valued at over $150 million, to exchanges together with Binance, OKX, and Bybit.
Market consultants warning that these frequent, large-volume deposits to exchanges with out clear communication can heighten uncertainty and set off worth declines.
Nevertheless, the undertaking representatives beforehand claimed that the motion of tokens aimed to help liquidity and guarantee clean buying and selling circumstances. In addition they acknowledged that the tokens got here from a pockets created particularly for this goal through the undertaking’s launch section.
Regardless of these assurances, the token’s market worth has continued to say no.
In accordance with BeInCrypto information, TRUMP has misplaced round 6% over the previous day and at present hovers close to $8.68 as of press time. Since its January debut, the token’s worth has dropped by round 90% from its peak of over $75.
In the meantime, the controversy surrounding the token doesn’t cease at market exercise. There may be additionally an ongoing political scrutiny surrounding the token’s ties to US President Donald Trump, which additional complicates sentiments surrounding the meme coin.
For context, US Consultant Brad Sherman lately accused TikTok of planning to spend $300 million on TRUMP tokens in an try and sway US coverage. Nevertheless, TikTok has since denied the allegation, calling it each deceptive and baseless.
“Congressman, claiming that the homeowners of TikTok are shopping for ‘Trump Cash’ is patently false and irresponsible and doesn’t even precisely mirror a letter you signed final month,” the video-sharing platform acknowledged.
These points imply the outlook for TRUMP stays unsure as a result of rising skepticism in regards to the token’s utility and chronic worth declines.
Disclaimer
In adherence to the Belief Venture tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed data. Nevertheless, readers are suggested to confirm details independently and seek the advice of with an expert earlier than making any selections based mostly on this content material. Please be aware that our Phrases and Circumstances, Privateness Coverage, and Disclaimers have been up to date.