Before the special gala to be held by former US President Donald Trump in Mar-a-Lago, great investor interest in the Trump memecoin draws attention. As the premiere date approaches, the token price is trading near its lowest levels and the event is overshadowed by increasing political controversy.
Whales started to withdraw from the stock markets
According to data from blockchain analysis company Lookonchain, large amounts of Trump memecoin have been purchased in recent days. Large investors, known as whales in the crypto market, withdraw coins from central exchanges and transfer them directly to their own wallets.
The wallet named “8DHkza” withdrew approximately 850 thousand Trump tokens (worth approximately $2.4 million) from Bybit in the last two days. Another major investor, “7EtuAt”, took control of 105 thousand tokens (approximately $298 thousand) from Binance, bringing the total portfolio to 1.13 million (worth $3.2 million).
These movements indicate investors’ intention to hold their assets for the long term, and the amount of tokens leaving the exchange is likely to reduce liquidity.
Trump gala event became a hot topic, political pressure increased
Token accumulation accelerated ahead of an invitation-only luncheon at Mar-a-Lago on April 28. Participation in the event is planned exclusively for the largest 297 TRUMP token holders. The first 29 investors at the top of the list will have special VIP privileges directly with Donald Trump.
Despite market movements, Trump token price continues its downward trend. The token, which last fell to $ 2.80, decreased by 0.2 percent in the last 24 hours and the loss exceeded 1 percent in the last week.
This pressure on prices was seen to increase after Trump-related World Liberty Financial’s risky credit strategy on the Dolomite DeFi platform was brought to the agenda at the beginning of the week.
There is also activity in the US Senate regarding the event. Senators Elizabeth Warren, Adam Schiff and Richard Blumenthal requested official documents and information from Fight Fight Fight LLC, managed by Bill Zanker, who is close to Trump. It was reported that this company was asked questions about both the details of the event and Trump’s relationship with the organization and financing. Fight Fight Fight LLC had launched the Trump memecoin in collaboration with organizations affiliated with Donald Trump.
Senators emphasized that Congress should fully reveal the extent of profits made by Trump and his family through cryptocurrency ventures, and stated that similar conflicts of interest should be prevented.
The investigation started to create a new uncertainty for Memecoin at a time when political and regulatory pressure was increasing and prices were under pressure.
