Donald Trump’s memecoin project has seen a noticeable shift in activity following his announcement of exclusive rewards for major tokenholders
Donald Trump's memecoin project has seen a noticeable shift in activity following the announcement of exclusive rewards for major tokenholders, including a private dinner and a possible White House tour.
According to data from blockchain analytics firm Nansen, in the week leading up to April 25, the TRUMP token faced significant sell-offs, with outflows of over $869 million compared to just $96 million in new inflows among the top 500 wallets.
However, following Trump's announcement offering a chance to meet him in Washington, DC, to the top TRUMP token holders, there were 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 are concerned about the ethical implications of politicians using blockchain assets for fundraising.
Among the top wallet addresses, one named "Sun" emerged as the largest holder, with an 1.17 million TRUMP token balance worth around $16 million. Naturally, speculation quickly pointed to the address belonging to Tron founder Justin Sun, a known Trump supporter and investor in crypto ventures linked to the Trump family. However, there has been no confirmation of this.
Other wallets had names like "elon" and "doge," fueling rumors about possible involvement from Elon Musk, though no evidence has surfaced yet. Meanwhile, critics remain skeptical, considering that 80% of the token's total supply is still controlled by the team behind TRUMP, raising concerns about a potential rug-pull.
The dinner event closely mirrors a strategy Trump utilized during the 2024 election cycle, where he invited supporters who purchased NFTs tied to his mugshot to meet him at Mar-a-Lago. It remains to be seen whether any familiar faces from that earlier campaign are among the biggest TRUMP holders this time around.
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