The Official Trump (TRUMP) token dropped 33% after touching a five-month high, on-chain data shows the team behind it sent $6.2 million worth of coins to an exchange right after the peak. The move follows a pattern seen after previous rallies in the meme coin.
Official Trump hit a five-month peak this week as the broader crypto market rallied, with bitcoin gaining $15,000 in less than 48 hours and altcoins following. TRUMP joined the surge, but the token then crashed 33%.
According to on-chain data from Arkham Intelligence cited by Lookonchain, the team behind TRUMP sent another 2.62 million coins to OKX, an exchange worth roughly $6.2 million at the time of the transfer.
Lookonchain wrote: "The Trump team transferred out another 2.62M $TRUMP($6.21M) an hour ago." Sending tokens to an exchange doesn't confirm a sale, but given the team's track record and the timing right after a price pump, it hints heavily that they have offloaded more of the asset.
TRUMP launched just 48 hours before Donald Trump's inauguration as US President in January 2025 and flew to an all-time high of over $73 within minutes before correcting heavily. Since then, reports have emerged after every rebound that the team has sold portions of the token, even though the president has denied profiting from it.
Several US senators have urged the SEC to investigate the meme coin, arguing it may have facilitated fraud or unlawful enrichment at retail investors' expense.
Source: CryptoPotato
Trading involves risk.
Risk Disclaimer
