TRUMP Token Team Dumps Millions to Exchanges: Sell-Off Incoming?

A massive TRUMP token transfer hit centralized exchanges today as a team-linked wallet dumped $52.66 million in assets. According to Lookonchain, a wallet address linked to the TRUMP token team has deposited 3.5 million tokens to centralized exchanges. On-Chain Evidence Points to Major Dump Solana-based on-chain data shows that the wallet associated with the TRUMP team deposited 3.5 million tokens (~$52.66 million) to CEXs. This isn’t the wallet’s first major transfer, but its timing has raised fresh concerns across the market. Reviewing Solscan data, one can spot that the wallet with the address ‘CDW1AUngA1WorM4xZaSqv8vCbhJd68BSHgV69uxqpCfc,’ transferred tokens to a centralized exchange. The transaction records on Solscan show active transfers from the wallet to exchanges earlier today. Each transfer occurred within minutes, consistent with previous coordinated dumps. Solana explorer data confirms the wallet still holds a small balance with just 0.000003 TRUMP tokens remaining. It also shows around 1.68 SOL ($289) left in the address, further suggesting it has been drained post-transfer. With previous deposits also traced to this wallet, traders are now closely watching TRUMP token’s price action. The sudden scale of this $52 million transfer may exert some short-term pressure. Market Watches for a TRUMP Token Sell off The wallet’s repeated activity has now created speculation related to the token in the market. Some analysts suggest it may mark the start of a planned token release or liquidation phase. Given the political branding and hype surrounding the token, even routine movements trigger strong reactions. If this wallet continues offloading assets, a major TRUMP token sell-off could be on the cards. At the time of writing, t he token is currently at $14.34 and is expected to hit a price mark of $15.4 in the next 24 hours. This isn’t the first time the TRUMP coin has seen movement. A week ago, on-chain statistics revealed that the TRUMP team sold off $20 million worth of tokens to CEXs on April 29. Meanwhile, on the political front, Democratic senators have called for an inquiry into the upcoming dinner with President Trump for top token holders, raising further concerns about the token. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss. Source: https://coingape.com/trump-coin-team-dumps-millions-to-exchanges-is-a-major-sell-off-incoming/