- Arkham data showed that a wallet deposited 211,343 TRUMP to Gate, resulting in a loss of about $1.28 million after the funds remained inactive for nearly eight months.
- This happened 2 days after Trump’s official meme coin account promoted a Mar-a-Lago crypto gala scheduled for April 25.
- The official TRUMP token prices had dropped sharply in early February from around $4.50 to roughly $3.20, before rebounding to about $4.03.
As the TRUMP token traded around $4, a whale named ‘SOL Millionaire’ exited their position at a steep loss after remaining inactive for nearly eight months, according to on-chain data.
According to Arkham data, a wallet deposited 211,343 TRUMP tokens, worth about $847,000, into the Gate exchange, leading to a loss of roughly $1.28 million. The same wallet had withdrawn the tokens earlier, when the position was valued at roughly $2.13 million.
The official Trump token, also known as TRUMP, is a meme token associated with President Donald Trump.
OFFICIAL TRUMP (TRUMP) was trading at $4.03, up by about 1.22% over 24 hours. On Stockwits, the retail sentiment around TRUMP moved from ‘bearish’ to ‘extremely bearish’ as chatter levels around it remained ‘extremely high’ over the past day.
Did The Mar-a-Lago Gala Announcement Boost TRUMP Token Prices?
Trading activity around the TRUMP token picked up when the official TrumpMeme account announced a crypto conference scheduled for April 25 at Mar-a-Lago, Trump’s private club and residence in Florida. Following this, the TRUMP token surged nearly 50%, triggering a sharp spike in trading activity.
Mar-a-Lago gatherings have increasingly become a hub for events tied to Trump’s political network and business ventures.
Trump’s growing involvement in digital assets has added to his personal wealth. According to a recent Forbes estimate, Trump’s net worth stands at about $5.1 billion, with around $570 million generated from crypto ventures.
Concentrated Ownership Raises Market Risks
Blockchain data also showed that TRUMP ownership was highly concentrated among five holders, and token distribution data indicated that they controlled more than 85% of the token's circulating supply, giving large holders significant influence over price movements.
According to tokenomics, TRUMP saw a sharp capitulation in early February, falling from around $4.50 to roughly $3.20 as trading volume spiked, suggesting that large holders were exiting positions and liquidity was draining from the market. The token has since repeatedly found support in the $3 to $3.20 range, with multiple rebounds from that level, and has recently recovered toward $4.
However, this expansion has drawn widespread criticism. Democratic Senator Elizabeth Warren warned last year that Trump-linked digital cryptocurrency could function as a “scam” token.
Despite the criticism, Trump’s crypto ventures continued to attract strong trading activity.
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