While the identities of numerous leading holders of US President Donald Trump’s memecoin remain largely anonymous, blockchain information indicated substantial withdrawals over the past week—coinciding with his announcement of a dinner and White House tour for select tokenholders.
As per data from the blockchain analytics company Nansen dated April 25, the TRUMP memecoin experienced over $869 million in outflows in the preceding week, contrasted with approximately $96 million in inflows among the top 500 alterations. Several of these changes transpired after Trump revealed that the foremost 220 TRUMP holders could apply to dine with him at a golf club gathering in Washington, DC, with limited chances for a White House tour.
“It’s evident that a greater number of individuals opted to offload their Trump tokens than new purchasers entered the market,” noted Nansen. “There still seems to be some enthusiasm—either A) to secure a dinner pass, or B) to take advantage of price fluctuations. Consequently, a handful of new wallets have made their way into the top 250 holders, while some former holders appear to have seized the opportunity to divest their positions.”
Introduced in January before Trump assumed office, his memecoin, along with that of his spouse, Melania, has faced criticism from US legislators and crypto industry leaders regarding potential conflicts of interest. At the time of this article’s publication, the identities of many top tokenholders and individuals who might seek to participate in the dinner were not disclosed.
Who is financing Trump’s memecoin?
As of April 25, the leading tokenholder possessed 1,176,803 TRUMP memecoins valued at around $16 million at the time of publication. The wallet holder, known as “Sun,” has sparked speculation that Tron founder Justin Sun—a supporter of Trump and an investor in the Trump family-affiliated crypto firm World Liberty Financial—might be among those attending the dinner. Cointelegraph reached out to Sun’s team for a comment but had not garnered a response at the time of publication.
Related: Trump memecoin team refutes $300K dinner requirement rumors
Other tokenholders included usernames such as “elon” and “doge,” yet it remained uncertain whether Tesla CEO Elon Musk—a proponent of Dogecoin (DOGE)—was involved in the initiative. The team behind the TRUMP token controls 80% of the overall supply, prompting many critics to claim that Trump or a family member could still betray investors.
Before the 2024 election, Trump hosted a similar dinner at his Mar-a-Lago estate in Florida with supporters who acquired non-fungible tokens showcasing his mugshot during his indictment for allegedly trying to manipulate the outcome of the 2020 election. It remains uncertain whether any attendees from the May 2024 occasion are among the leading TRUMP memecoin holders.
Magazine: Trump’s crypto undertakings provoke conflict of interest, insider trading inquiries
