Trump-Linked Crypto Exits Major Platform Amidst Concerns of Mass Selling Following High-Profile Holders Meeting
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The TRUMP meme coin team has sent shockwaves through the crypto community, transferring a whopping $19.6 million worth of tokens to major exchanges amidst preparations for a private dinner with Trump. According to data from Lookonchain, the team deposited 1.35 million TRUMP tokens to Binance, OKX, and Bybit within the last 24 hours.
Interestingly, the majority of these tokens were sent to Binance, with 700,000 TRUMP tokens hitting the leading crypto exchange. Meanwhile, 350,000 and 296,000 tokens were deposited into OKX and Bybit, respectively.
While the team may claim these moves are for market-making purposes, the timing has left traders on edge, bracing for a potential sell-off. This apprehension arises from the $300 million in TRUMP tokens that are set to be unlocked this week, with $7.35 million set to enter the market daily.
Adding fuel to the fire, the meme coin's team previously assured investors that the unlocked tokens would not be sold. But with the TRUMP dinner just around the corner on September 5, some traders fear the top holders may sell off their tokens after the event.
Meanwhile, U.S. Senators Adam Schiff and Elizabeth Warren have launched an inquiry into the upcoming TRUMP dinner, addressing potential conflicts of interest and ethics violations. Their investigation focuses on the $19.6 million transferred to exchanges ahead of the dinner, which could be a sign of insider activity.
As the community awaits the outcome of this inquiry, the TRUMP meme coin's fate hangs in the balance. Will the TRUMP meme coin hold steady, or will the recent developments trigger a selloff? Only time will tell.
Stay tuned for more updates on our Telegram channel. Don't miss out on the latest news and insights related to the ever-evolving world of cryptocurrencies.
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- The TRUMP meme coin's future remains uncertain following the team's transfer of 1.35 million tokens worth $19.6 million to major exchanges, leaving traders apprehensive about an impending sell-off.
- The upcoming TRUMP dinner, scheduled for September 5, has sparked concerns among traders who fear top holders may dump their tokens after the event.
- US Senators Adam Schiff and Elizabeth Warren have launched an investigation into the TRUMP dinner, focusing on potential conflicts of interest and ethics violations, particularly regarding the transfer of tokens to exchanges.
- Meanwhile, the finance sector and general news have been buzzing with the impact of cryptocurrencies, including the fall in NFT sales to $89.4M this week, the industry's reaction to Bitcoin breaking $94k, and the MegaETH community's celebration with an NFT drop.
