The crew behind the Solana-based TRUMP meme coin, a digital asset related to US President Donald Trump’s model, has moved 3.527 million tokens (equal to about $32.8 million) to Binance.
This transaction is the most recent in a string of serious token deposits to centralized exchanges, sparking recent considerations concerning the crew’s intentions and the potential influence on market stability.
Almost $150 Million in TRUMP Tokens Have Been Moved
Blockchain evaluation platform Lookonchain reported that this newest switch, carried out on June 21, types half of a bigger sample.
Since late April, the crew has despatched greater than 12.5 million TRUMP tokens, valued at over $150 million, to exchanges together with Binance, OKX, and Bybit.
Market consultants warning that these frequent, large-volume deposits to exchanges with out clear communication can heighten uncertainty and set off worth declines.
Nevertheless, the undertaking representatives beforehand claimed that the motion of tokens aimed to assist liquidity and guarantee clean buying and selling circumstances. In addition they acknowledged that the tokens got here from a pockets created particularly for this objective through the undertaking’s launch section.
Regardless of these assurances, the token’s market worth has continued to say no.
In line with BeInCrypto information, TRUMP has misplaced round 6% over the previous day and at present hovers close to $8.68 as of press time. Since its January debut, the token’s worth has dropped by round 90% from its peak of over $75.
In the meantime, the controversy surrounding the token doesn’t cease at market exercise. There’s additionally an ongoing political scrutiny surrounding the token’s ties to US President Donald Trump, which additional complicates sentiments surrounding the meme coin.
For context, US Consultant Brad Sherman not too long ago accused TikTok of planning to spend $300 million on TRUMP tokens in an try to sway US coverage. Nevertheless, TikTok has since denied the allegation, calling it each deceptive and baseless.
“Congressman, claiming that the owners of TikTok are buying ‘Trump Coins’ is patently false and irresponsible and doesn’t even accurately reflect a letter you signed last month,” the video-sharing platform acknowledged.
These points imply the outlook for TRUMP stays unsure as a result of rising skepticism concerning the token’s utility and chronic worth declines.
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