Major Outflows Hit Trump-Linked Memecoin Ahead of Private Event

Donald Trump’s memecoin project has seen a noticeable shift in activity following his announcement of exclusive rewards for major tokenholders, including a private dinner and a possible White House tour.

Data from blockchain analytics firm Nansen revealed that in the week leading up to April 25, the TRUMP token faced significant sell-offs, with outflows totaling over $869 million compared to just $96 million in new inflows among the top 500 wallets.

The announcement offering top holders a chance to meet Trump in Washington, DC, seems to have stirred mixed reactions — some holders rushed to cash out, while a few new wallets moved into the top ranks, hoping either to secure an invitation or profit from market swings.

Despite the hype, the real identities behind most of the biggest wallets remain hidden. Launched earlier this year ahead of Trump’s return to public office, the memecoin has drawn scrutiny from lawmakers and crypto insiders, who worry about ethical concerns tied to political fundraising through blockchain assets.

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Among the top wallet addresses, one named “Sun” emerged as the largest holder, owning over 1.17 million TRUMP tokens valued at around $16 million. Speculation immediately followed, linking the address to Tron founder Justin Sun, a known Trump supporter and investor in crypto ventures linked to the Trump family. However, there’s been no confirmation so far.

Other wallets bore names like “elon” and “doge,” fueling rumors about possible involvement from prominent figures like Elon Musk, though no evidence has surfaced. Meanwhile, critics remain wary: with 80% of the token’s supply still under control of the team behind TRUMP, concerns about a potential rug-pull persist.

The dinner event mirrors a similar strategy Trump employed during the 2024 election cycle, when he hosted supporters at Mar-a-Lago who had purchased NFTs tied to his mugshot. Whether any familiar faces from that earlier campaign are among the biggest TRUMP holders this time around remains unclear.

Alexander Stefanov