A wallet linked to the TRUMP memecoin team transferred 3.5 million tokens worth over $52 million to exchanges on May 10, sparking concerns of a sell-off. The transfer, the second by the address in the last two weeks, comes after recent price gains.
According to Lookonchain, the same address had moved 1.35 million TRUMP valued above $19 million tokens to Binance, Bybit, and OKX on April 29. Such transfers to exchanges usually signal a sale of the tokens.
However, a post from the X (formerly Twitter) account of the Trump memecoin stated that this sale is meant to raise capital to support liquidity operations for the token. The post noted that demand for TRUMP is very high.
It said:
“Demand for $TRUMP has been tremendous. On May 10, 2025, at approximately 1:30 am UTC, 3.5 million $TRUMP will be moved onto exchanges to further support liquidity operations to help ensure continued availability of $TRUMP for both buyers and sellers.”
However, observers noted that the post was after the address had moved the funds. Still, it is better than the actions of the team behind the MELANIA memecoin, which has been selling the tokens for almost two months without any public statement.
Despite the clarification, TRUMP is down more than 2% today, marking a correction after its recent gains. The token is trading at over $14 and has gained over 10% in the past week. It has also been up 77.77% in the past 30 days, suggesting a strong rebound even as it trades more than 70% below its peak value.
By comparison, MELANIA memecoin is down 5% today to $0.3662 and continues to plunge in value despite short-term rebounds due to recent crypto market gains. The poor performance is mostly due to the continuous dumping by the team behind the project and has contributed to its 97.2% decline from the all-time high.
Insiders have made over $300 million in profits from TRUMP
While TRUMP token insiders might not be selling the memecoin for profit, they already have millions from the project. According to CNBC, citing data from Chainalysis, few people profited from the TRUMP memecoin at the expense of thousands.
The data claims that token creators have made $320 million in trading fees since it launched, while paying 5% of that to Meteora, the decentralized platform where the token is trading. Beyond fees, 58 wallets also made profits of over $10 million each on the token, which meant over $1.1 billion in profits.
While these insiders have made profits, data shows that around 764,000 addresses lost money because they bought the token. Chainalysis noted that most of these addresses are retail traders.
Despite the losses by most investors who bought the token, more people are still buying. TRUMP recently soared in value after the project announced an exclusive dinner with the President for top holders, and more than 100,000 addresses have bought the memecoin since then.
Trump affiliations could hurt crypto legislative efforts
Meanwhile, the President’s ties to crypto projects and entities now face increased scrutiny and could affect the industry. Although Trump’s pro-crypto efforts have significantly deregulated the sector, critics believe that the president is also profiting from these efforts,
According to a recent report by the State Democracy Fund, the Trump family’s net worth has increased by $2.9 billion because of ties to crypto. The report claimed that crypto assets, including memecoins, NFTs, and other tokens, now account for 40% of the net worth.
With Democrats criticizing the President’s conflict of interest, the optimism around Congress passing pro-crypto legislation has declined. In the Senate, the Stablecoin bill recently failed to pass a procedural vote because pro-crypto Democrats withdrew their support.
Although these senators claim that it is because the bill has some inadequate provisions, many believe that the US President’s crypto ties are a key reason. Stakeholders are now concerned that the pushback against the bill will affect other pro-crypto efforts in Congress.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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