Crypto whales loaded up extra of the TRUMP memecoin forward of the luncheon at US President Donald Trump’s Mar-a-Lago residence in Florida this month, which affords entry to the biggest holders.
One whale withdrew about 105,754 OFFICIAL TRUMP (TRUMP) from Binance on Saturday so as to add to its stash of 1.13 million TRUMP, price about $3.2 million, in response to an X put up from blockchain analytics agency Lookonchain on Sunday.
Two days earlier, one other whale withdrew 850,488 TRUMP from the crypto alternate Bybit.
On Monday, one other holder elevated their TRUMP stash to greater than 368,000 tokens after withdrawing from BitMart, and a fourth whale boosted their stash to over a million tokens after withdrawing from Bybit, in response to blockchain explorer Solscan.
Critics have accused Trump of utilizing his place as US president for private monetary acquire via the scheme. Democratic lawmakers have additionally launched payments to restrict political affect and income from memecoins.
The highest 297 token holders are invited to a luncheon on April 25 at Trump’s Mar-a-Lago residence. The occasion has billed the president because the keynote speaker and provided a personal reception for the highest 29 holders, regardless of the White Home Correspondents’ Affiliation Dinner in Washington, DC, being the identical day.
TRUMP drops 33% since March announcement
Trump’s announcement of the luncheon in March noticed TRUMP spike to $4.35. Nevertheless, the memecoin has since dropped by over 33% to commerce at $2.80 as of Monday, in response to CoinGecko.
Dominick John, an analyst at Zeus Analysis, instructed Cointelegraph the worth is probably going being pushed decrease as retail-driven market promoting overwhelms already skinny liquidity, forcing steady repricing.
“On the similar time, insider provide overhang means even small distributions from concentrated wallets can take up whale bids, limiting any significant upside follow-through,” he added.
Crypto knowledge analytics platform CoinCarp lists 642,882 TRUMP holders, with over 91% of the availability concentrated among the many prime 10 wallets and over 97% among the many prime 100 wallets.
Token spiked after the crypto gala announcement final 12 months
Trump held his first “crypto gala” dinner in Might 2025, a number of months after his Jan. 20 inauguration as US president, which additionally drew concern from critics who accused him of utilizing his place for private monetary acquire.
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The token peaked at $15.59 a couple of month earlier than the occasion, however fell because the occasion drew nearer, and fell to round $8.90 a month after the occasion.
John mentioned this time round, the token might stage a restoration, with the 2026 midterms appearing as a possible sentiment multiplier and different constructive bulletins. Catalysts and early indicators of institutional accumulation might assist set up a ground and set off reflexive upside, he mentioned.
“One catalyst to observe is the potential for event-driven launches just like the Trump Billionaire Recreation, which might generate the social buzz wanted to drive short-term upside momentum,” John added.
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