Despite Promises of a High-Profile Incentive, TRUMP Memecoin Still Experiences Significant Outflows

Despite Trump's recent vow to increase involvement, blockchain data from analytics firm Nansen shows a stunning disparity between sales and purchases.

A high-profile incentive offering top tokenholders a private dinner and a tour of the White House failed to halt significant outflows from the TRUMP memecoin, which was launched earlier this year by US President Donald Trump, according to blockchain data.

Despite Trump’s recent vow to increase involvement, analytics firm Nansen’s data shows a staggering disparity between sales and purchases. Over the last seven days, outflows from the TRUMP token have exceeded $869 million, while inflows among the top 500 holders have only reached $96 million, as of April 25.

This sell-off coincided with Trump’s invitation for the top 220 TRUMP holders to apply for a private dinner event at a golf club in Washington, D.C., with a limited chance to tour the White House.

“It’s clear that more people took the opportunity to offload their Trump tokens than new buyers came in,” Nansen noted.

Despite the massive outflows, some new wallets have joined the top 250 holders list, suggesting that a few investors are either chasing the exclusive dinner invite or speculating on the token’s price volatility.

The TRUMP token, which was launched ahead of Trump’s inauguration, and a related memecoin linked to First Lady Melania Trump, have drawn criticism from both sides. Lawmakers and prominent figures in the cryptocurrency sector have expressed concerns about potential conflicts of interest, especially considering that the project’s team owns over 80% of the total token supply, which has heightened worries about a possible “rug-pull.”

The largest TRUMP holder held approximately 1,176,803 tokens as of April 25, amounting to about $16 million. The wallet’s username, “Sun,” has fueled speculation about a possible connection to Justin Sun, the Tron founder and a known supporter of the Trump family’s cryptocurrency ventures. However, requests for comment from Sun’s team have not been answered.

Other notable wallet names, such as “elon” and “doge,” have sparked rumors of Elon Musk’s involvement, the CEO of Tesla and a strong supporter of Dogecoin. However, no concrete evidence has yet linked Musk to any of the TRUMP token transactions.

The dinner incentive is similar to a 2024 gathering at Trump’s Mar-a-Lago resort in Florida, where he welcomed supporters and distributed NFTs featuring his mugshot following his indictment in connection with the 2020 election scandals. It remains unknown if any attendees of that event are currently among the top holders of the TRUMP memecoin.

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