Although the identities of lots of the high holders of US President Donald Trump’s memecoin have been nonetheless unknown, blockchain information confirmed vital outflows over the previous seven days — throughout which period he introduced a dinner and White Home tour for sure tokenholders.
In keeping with information from blockchain analytics agency Nansen as of April 25, the TRUMP memecoin had seen greater than $869 million in outflows within the final seven days in comparison with roughly $96 million in inflows among the many high 500 modifications. A few of the modifications adopted Trump asserting that the highest 220 TRUMP holders may apply to satisfy him at a golf membership dinner in Washington, DC, with fewer alternatives for a White Home tour.
“It’s clear that extra individuals took the chance to dump their Trump tokens than new consumers got here in,” mentioned Nansen. “There nonetheless seems to be some curiosity — both A) to safe the dinner ticket, or B) to capitalize on value volatility. Consequently, just a few new wallets have entered the highest 250 holders, whereas some earlier holders appear to have taken the chance to exit their positions.”
Launched in January earlier than Trump took workplace, his memecoin, and that of his spouse, Melania, have seen criticism from US lawmakers and leaders within the crypto business for potential conflicts of curiosity. On the time of publication, the identification of lots of the high tokenholders and people who would possibly apply to attend the dinner have been unknown.
Who’s investing in Trump’s memecoin?
As of April 25, the highest tokenholder had 1,176,803 TRUMP memecoins value roughly $16 million on the time of publication. The pockets holder, underneath the username “Solar,” had led to hypothesis that Tron founder Justin Solar — a Trump supporter and investor in the Trump family-backed crypto firm World Liberty Monetary — may very well be among the many dinner attendees. Cointelegraph reached out to Solar’s staff for remark however had not acquired a response on the time of publication.
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Different tokenholders included usernames like “elon” and “doge,” although it was unclear if Tesla CEO Elon Musk, additionally a Dogecoin (DOGE) advocate, was concerned within the challenge. The staff behind the TRUMP token controls 80% of the full provide, leading to many critics suggesting the Trump or somebody in his household may nonetheless rug-pull traders.
Earlier than the 2024 election, Trump organized the same dinner at his Mar-a-Lago property in Florida with supporters who bought non-fungible tokens depicting his mugshot throughout his arrest for allegedly making an attempt to subvert the outcomes of the 2020 election. It’s unclear whether or not any of the identical individuals who attended the Might 2024 occasion are among the many high TRUMP memecoin holders.
Journal: Trump’s crypto ventures raise conflict of interest, insider trading questions
