Trump-linked wallet sends $32.8M in TRUMP coin to Binance
A wallet tied to the Trump-themed TRUMP meme coin has just made another massive transfer.
According to on-chain analytics firm Lookonchain, the wallet sent 3.527 million TRUMP tokens, valued at approximately $32.8 million, to Binance on Friday. The move occurred just 30 minutes before the public became aware of it.
This is not the only one. Since 28th April, the wallets affiliated with the team have now moved 12.54 million TRUMP tokens to different crypto exchanges, such as Binance, Coinbase, OKX, and Bybit. The cumulative value of such transfers is around $150.68 million, sent in four separate tranches.
Binance inflows fuel speculation over imminent sell-off
The most recent transfer came from a wallet identified as “Official Trump Meme? Squads Vault.” First, it sends the tokens through another intermediary wallet, and then the same amount is sent into Binance’s hot wallet.
A smaller transfer of 189 TRUMP, worth just $1,760, occurred just before the larger deposit.
There’s been no confirmed sale, although large deposits to centralized exchanges are often seen as a precursor to a sell-off. This has prompted concerns among some traders that there could be downward price pressure on the token.
The politically sensitive TRUMP coin has surged in value in recent months thanks to increased enthusiasm for memes and election-year hype. Yet should liquidation take place, such substantial inflows to exchanges have the potential to change the market.
The last significant TRUMP transaction occurred on June 4, in which more than $46.9 million TRUMP was transferred to several exchanges simultaneously. The type and magnitude of recent transfers indicate one potential approach to reduce risk or monetize peak prices.
To make it more mysterious, another whale had moved TRUMP coins of $143 million to an unknown wallet just a day before the latest deposit on Binance.
Surges in inflows to exchanges such as Binance are typically a precursor to price turbulence. Investors are waiting to see whether this transfer is the beginning of a larger sell-off or simply a strategic reorganization of assets in the days ahead.
Eric Trump calms crypto rift as family-backed firm commits to major TRUMP coin purchase
Just recently, Eric Trump suggested that internal tensions within Donald Trump’s growing crypto empire have begun to ease. In a post on X (formerly Twitter) Friday, he announced that the Trump family-backed World Liberty Financial plans to purchase a “substantial” amount of the meme coin at the center of the recent dispute.
According to Eric, the group behind the Trump-themed token has decided not to move forward with a controversial digital wallet offering that had sparked a rift with World Liberty Financial, a crypto venture partially owned by the Trump family.
The statement came just a day after Bloomberg reported that World Liberty Financial had issued a cease-and-desist letter to Fight Fight Fight, the organization behind the TRUMP memecoin. The letter challenged their development of the “$TRUMP Wallet,” which World Liberty viewed as a conflict, especially as it was preparing to launch its own competing wallet.
The cease-and-desist has not been made public. However, a source familiar with the matter confirmed its existence, highlighting the internal battle for control and branding rights within Trump’s increasingly lucrative crypto ecosystem.
According to Eric Trump, World Liberty plans to buy a “substantial” amount of the Trump meme coin for its own holdings.
Both World Liberty and the meme coin have been lightning rods for criticism from Democratic lawmakers, who accuse Trump of using the crypto projects as vehicles to enrich himself and his family by selling influence and access to the president. The White House and the president’s sons, Eric and Donald Trump Jr., have repeatedly denied the allegations.
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Original reporting: cryptopolitan.com
