- TRUMP team dumped $19.6M in tokens to top CEXs before Trump’s private investor dinner.
- Senators demand ethics probe amid 70% price surge and market manipulation concerns.
- Futures OI and derivatives volume dipped, showing market caution despite price rally.
Trump Coin Team Sells $20M in Tokens
The TRUMP coin team recently raised eyebrows after selling close to $20 million worth of tokens just before an exclusive dinner organized by Donald Trump for major investors.
As per on-chain data provided by Lookonchain, a wallet linked to the project moved around $19.6 million worth of tokens to centralized exchanges Binance, OKX, and Bybit on April 29.
This significant transfer of funds has attracted attention throughout the crypto community, particularly considering the timing.
The dump is just a few weeks ahead of a scheduled private dinner on May 22, during which Trump will dine with the leaders of the top 220 TRUMP coin holders.
The dinner has generated a lot of hype in the PolitiFi community, causing the price of the token to rise by almost 70% in the last week. Yet, the team’s mass selloff prior to the event has fueled rumors of insider selling and manipulation.
Senators Question Trump’s Investor Dinner
Adding to the fire, Democratic Senators Elizabeth Warren and Adam Schiff urged a formal investigation into the dinner. In a formal letter to the U.S. Office of Government Ethics, they raised concern that Trump’s invitation contributed to a TRUMP coin investment boom, increasing the token’s market value by approximately $100 million.
As of writing, the token was worth $13.95. While investor demand remains on the higher side, there are signs of relief in the derivatives market. Figures from Coinglass showed a fall in TRUMP coin’s futures open interest by 8% to $734 million and a fall of 13% in derivatives trading volume to $2.7 billion.
As rumors spread and eyes are upon it, the world of TRUMP coin waits anxiously. Whether this rally persists or is a hype-driven term.
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