Big investors are piling into the TRUMP memecoin ahead of an upcoming gala hosted by President Donald Trump at Mar-a-Lago on April 28, even as the token trades near all-time lows and the impending event faces political scrutiny.
Data tracked by blockchain sleuth Lookonchain shows notable whale buying through centralized exchanges. One whale, “8DHkza”, withdrew 850,488 $TRUMP tokens (worth approximately $2.4 million) from Bybit in the last two days. Another address, “7EtuAt”, withdrew 105,754 tokens (around $298,000) from Binance 17 hours ago and currently holds 1.13 million tokens, valued at approximately $3.2 million.
The exits from the exchanges are said to represent the intention of investors to take direct custody of the coins and hold them for the long term. Capital outflows are therefore considered to indicate accumulation and potentially reduce immediate sell-side liquidity in the market.
The buildup comes ahead of an invite-only luncheon, reportedly limited to the top 297 TRUMP token holders, with the top 29 receiving exclusive VIP access to Donald Trump.
However, TRUMP continues to trade at record lows near $2.80, a drop of 0.2% in 24 hours and more than 1% in seven days. The token came under pressure this week after CoinDesk reported on Trump-linked crypto firm World Liberty Financial’s controversial lending strategy on the Dolomite DeFi platform.
Meanwhile, US lawmakers have stepped up scrutiny of the Mar-a-Lago event. Senators Elizabeth Warren, Adam Schiff and Richard Blumenthal sent a letter to Fight Fight Fight LLC, a Delaware-based entity run by Trump associate Bill Zanker, requesting documents and information about whether Trump played a role in planning, promoting or financially benefiting from the meeting. Fight Fight Fight LLC TRUMP memecoin in partnership with entities affiliated with Donald Trump.
“It is essential that Congress fully understand the extent to which President Trump and his family are profiting from their cryptocurrency businesses,” the senators said, adding that “Congress must also take action to prohibit and prevent these egregious conflicts of interest.”
The research introduces an additional layer of uncertainty for the token as regulatory and political risks intersect with the already weak price action.
