Trump-Linked Wallet Moves $32.8M in TRUMP Coins to Binance
Highlights
- Trump-linked wallet deposits $32.8M worth of TRUMP coins to Binance wallet.
- There have been four batches of transfer for a total of $150M in TRUMP coins to exchanges since April.
- Whale moves are signs of sell offs as the broader market gets increasingly volatile.
Another large crypto move just happened involving the Trump-themed TRUMP coin. According to Lookonchain, a wallet linked to the Trump team just deposited 3.527 million TRUMP, worth $32.8 million, into Binance.
Trump-Linked Wallets Move A Total of $150M in TRUMP Coins to Exchanges
The transfer took place only 30 minutes before the announcement. This isn’t the first time the wallet has moved funds. Since April 28, wallets associated with the Trump team have now sent a total of 12.54 million TRUMP coins to exchanges.
That total is worth about $150.68 million. These deposits have taken place in four separate batches. The latest deposit was tracked from a wallet labeled “Official Trump Meme? Squads Vault.”
It sent the 3.527 million TRUMP to another wallet, which quickly sent the same amount to Binance’s hot wallet. Before this transfer, a smaller deposit of 189 TRUMP, worth about $1,760, also happened.
When large amounts of tokens are sent to exchanges, it often signals a possible sell-off. It does not confirm a sale, but it gives investors and traders something to watch. The team behind the wallet may be looking to cash in at current price levels.
Transfers Raise Market Questions
The TRUMP coin is a political meme coin themed around Donald Trump. It has seen huge attention in the past few months. Its value surged as political momentum and meme culture intersected in the crypto world. But these recent deposits could create price pressure if tokens begin hitting the market.
The timing of these transfers is also interesting. The most recent large transfer before today took place on June 4. On that day, $46.97 million worth of the meme coin was deposited to Binance, OKX, Coinbase, and Bybit.
The frequency and size of the deposits suggest a plan by the token holders to reduce risk or capture gains. Some users believe it might be part of a funding strategy. The effect on price depends on how much of the deposited tokens are actually sold.
Binance Inflow Follows a Separate $143M Transfer of the Coin
For now, traders should stay alert. A large inflow into Binance often precedes market movement. Watching price levels and exchange balances could help spot the next major shift. The market’s reaction in the next 24 hours will show whether this was just a transfer or the start of a bigger trend.
Yesterday, another TRUMP coin whale transferred $143 million of the meme coin to an unknown wallet
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