The renowned PolitiFi token TRUMP coin has recently seen a surge in price and investor activity, emerging as a hot buzz within the crypto market amid Donald Trump’s dinner invitation to its holders. However, a peculiar dumping spree taken on by the meme token’s team has sparked concerns market-wide lately.
On-chain statistics indicated that the team offloaded $20 million worth of tokens to crypto exchanges on April 29. Meanwhile, in an unprecedented plot twist, Democratic senators pushed for an inquiry into the upcoming dinner for token holders, which appears to have solidified concerns amid the massive dump.
Lookonchain’s X post on April 29 revealed that a wallet linked to the TRUMP coin team has deposited a whopping $19.6 million worth of tokens to the crypto exchange behemoths Binance, OKX, and Bybit.
As per the data, 700,000 tokens worth $10.21 million were dumped to Binance. Whereas, 350,000 and 296,000 tokens were offloaded to the CEXs OKX and Bybit, respectively.
Primarily, the massive deposits highlighted above indicate that the token supply on exchanges rose considerably. In response, market watchers eye the dumps with some caution, whereas the recent probe into Donald Trump’s upcoming dinner has rung further alarms.
U.S. Sen Adam B. Schiff and Elizabeth Schiff have recently called for an inquiry into the upcoming Donald Trump dinner for top investors in his PolitiFi token. Notably, the Senators have requested U.S. Office of Government Ethics Director Jamieson Greer to launch a probe into the matter.
“We write to request an urgent inquiry regarding President Trump’s invitation for top investors in his meme coin, $TRUMP, to join him at an intimate private dinner and private VIP reception, which led to a subsequent surge in investment in the President’s digital asset that increased its value by approximately $100 million,” Schiff & Warren wrote in their filing.
The dinner for the top 220 investors in the PolitiFi token will occur on May 22, 2025. Intriguingly, CoinGape reported that market watchers believe TRON founder Justin Sun is attending this dinner, among many other renowned personalities.
Meanwhile, the PolitiFi token’s price traded at $13.95 at the time of reporting, extending weekly gains to nearly 70% amid the President’s dinner buzz. However, despite the rising price action, a TRUMP coin price prediction by CoinGape revealed that bears remain dominant on the token, per the 3-month bias indicator.
Additionally, investors’ apprehension took a further hit as Coinglass data showed an 8% drop in the token’s futures OI to $734 million. Further, even the derivatives market volume saw a 13% decline in value to $2.70 billion. Traders and investors are now left speculating over future price actions amid uncertain market dynamics and soaring optimism in light of the upcoming dinner.
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