TRUMP Coin — a meme token in the PolitiFi ecosystem — has become a market spotlight after former U.S. President Donald Trump invited major investors to an exclusive dinner. However, right before the event, the project team unexpectedly offloaded nearly $20 million worth of tokens onto major exchanges, raising alarm across the crypto community.
According to on-chain data from Lookonchain on April 29, a wallet linked to the TRUMP Coin team transferred approximately $19.6 million worth of tokens to exchanges including Binance, OKX, and Bybit. Specifically, 700,000 tokens (worth $10.21 million) were sent to Binance, 350,000 to OKX, and 296,000 to Bybit. This massive transfer significantly increased the token supply on exchanges, fueling concerns about potential price manipulation.
Meanwhile, Democratic Senators Adam B. Schiff and Elizabeth Warren have called on the U.S. Office of Government Ethics to launch an investigation into Trump’s dinner with TRUMP Coin investors. In their letter, they claimed the invitation contributed to a $100 million surge in the token’s market value and raised questions about transparency.
The dinner is scheduled for May 22, 2025, and will host 220 of the top TRUMP Coin investors. Some reports suggest TRON founder Justin Sun may also attend, further intensifying interest in the event.
At the time of writing, TRUMP Coin is trading at $13.95, up nearly 70% over the past week amid growing buzz around the dinner. However, despite the price rally, data indicates that bearish sentiment remains dominant. Additionally, Coinglass data shows open interest in futures contracts has dropped by 8% to $734 million, while derivatives trading volume fell 13% to $2.7 billion.
While the upcoming dinner continues to fuel optimism, it also raises serious questions about TRUMP Coin’s future and the broader market’s stability.
