Trump’s Memecoin $TRUMP Sold Off Just Before US-Iran Conflict

According to data from Lookonchain, the wallet associated with the Official Trump group recently executed a large transfer of TRUMP tokens to centralized exchanges. This move has drawn special attention as it occurred just hours before the U.S. launched an attack on Iran, raising suspicions of insider trading.

Previously, the TRUMP token had made waves in the market when the U.S. President invited the 220 largest investors to an exclusive dinner in the U.S. a few months ago. This event triggered a strong buying wave, causing the token’s price to double within a few days, reaching over $16 by the end of April. However, investors quickly took profits, leading to a price correction for TRUMP, although it remained above $10 for several weeks.

Related: Iran-Israel Conflict Escalates, Significantly Impacting the Crypto Market

Last week, the geopolitical situation became tense when Israel attacked Iran, and in the past 24 hours, the cryptocurrency market has been heavily impacted after the U.S. joined Israel in this attack. Bitcoin has adjusted below $100k, while altcoins, including the TRUMP token, are facing significant selling pressure. The price of TRUMP dropped over 6% in a day and is currently trading below $8.7.