$TRUMP Freefall: Dinner Bribe Fails to Stop the Dump

Key Insights

• Sometime this week, the $TRUMP token team announced a private dinner invitation to the top 220 token holders.
• While this pump has been impressive, blockchain data shows that some investors are more interested in the pump than the dinner itself.
• US Senator Jon Ossoff has called for a Trump impeachment again for the third time, calling the gala an “Impeachable offence).
• Only 200 million tokens are currently circulating, and 800 million of these remain locked for future release over three years.
• Once the unlocking spree happens (likely in July), TRUMP could be in for some more downward pressure as more tokens flood the market.

While Donald Trump’s exclusive dinner invitation continues to make headlines and fuel the ongoing rally, recent blockchain data shows that traders might be more interested in taking profits than the dinner.

Major Outflows Despite Event Excitement

Sometime this week, the $TRUMP token team announced a private dinner invitation to the top 220 token holders at Trump National Club in Washington, D.C.

The news caused a massive pump for the token, leading it from a low of around $7.54 to a high of $15.47 on 23 April, before the price settled around the $13 zone at the time of writing.

While this pump has been impressive, blockchain data shows that some investors are more interested in the pump than the dinner itself.

Nansen data in particular, shows that within the last week, the TRUMP token has seen nearly $1 billion in outflows.

This stands in stark contrast to just $96 million in inflows among the top 500 wallets.

Data shows that while the event has sparked some interest and many new wallets are now in he list of top 250 holders, more investors used the dinner announcement as an opportunity to exit rather than double down.

TRUMP Holders And Critics

Despite the excitement, the identities of many token holders are still unknown.

As of 25 April, the largest $TRUMP holder has around 1.17 million TRUMP tokens worth roughly $16 million.

While there is no concrete evidence as of yet, this wallet is linked to a holder with the username "Sun."

This has led to speculation that Justin Sun, the founder of the TRN blockchain (and a known TRUMP supporter) could be the owner of this mysterious wallet.

Among other holders include wallet names like "elon" and "doge," both of which have raised eyebrows as well.

However, as of now, there is still no confirmation that Tesla CEO Elon Musk, or even Justin Sun are involved with the TRUMP token.

Amid the rush for $TRUMP tokens, critics have pointed out that the TRUMP token team controls around 80% of the total supply, amid "rug pull" concerns.

US Senator Jon Ossoff has also called for a Trump impeachment again for the third time, calling the gala an “Impeachable offence).

Overall, the dinner is still scheduled to run through as planned.

Supply Issues Loom in the Background

Even after the rally, Trump remains around 83% under its all-time high, in a display of how volatile the memecoin space can be.

Despite the rally, there are still serious risks for TRUMP holders.

Investors should keep in mind that the token’s supply model is highly centralized.

Only 200 million tokens are currently circulating, and 800 million of these remain locked for future release over three years.

Originally, the first major unlock of 40 million tokens was set for 18 April, and was set for subsequent daily releases of 205,480 tokens.

However, after the dinner announcement, the team has delayed the unlock by 90 days, amid fears of immediate selling pressure.

While this delay has helped to fuel the recent rally, it has only kicked the can further down the road.

Once the unlocking spree happens (likely in July), TRUMP could be in for some more downward pressure as more tokens flood the market.