After a 23% drop on the weekly chart, the OFFICIAL TRUMP token is seeing strong whale accumulation

After a 23% drop on the weekly chart, the OFFICIAL TRUMP token (TRUMP) is showing strong whale accumulation with more than 1 million TRUMP coins being withdrawn from cryptocurrency exchange Binance over the past few hours.

Although the TRUMP price is down 5.31% at press time, a reversal to the north can happen anytime soon, considering strong whale interest.

Whale Alert: TRUMP Coins in Strong Accumulation

In a notable development, there’s been significant accumulation of TRUMP coins by whales in the past few hours. According to on-chain data from SolScan, a new wallet was created just 30 minutes ago, followed by the withdrawal of 1 million $TRUMP tokens, valued at $10.84 million, from Binance.

This large-scale transaction has sparked speculation about potential market moves or strategic accumulation by high-net-worth investors. The activity underscores the increasing interest in TRUMP amid the dynamic crypto landscape.

However, US President Donald Trump has received huge criticism over his family ties to digital assets. In a Truth Social post on Monday, former President Donald Trump announced plans to host a gala dinner in Washington later this month for key supporters of the Official TRUMP meme coin. The event, organized by the Trump family-owned platform, aims to celebrate major backers of the cryptocurrency.

Massachusetts Senator Elizabeth Warren has already raised concerns citing shady crypto deals of the Trump family, and has urged the US Senate to push back against the crypto legislation scheduled for this week.

Approximately 80% of the $TRUMP token supply is held by the Trump Organization and its affiliates, according to information on the project’s website. Additionally, insiders have reportedly earned around $325 million in trading fees through a built-in mechanism.

Donald Trump Pushes Back Against the Backlash

However, these developments haven’t impacted Donald Trump as he continues to pursue his crypto ambitions further.

“I’m not profiting from anything. All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot,” Trump said.

Lashing back at Senator Elizabeth Warren over her recent attacks, Trump stated that she and many other democrats have profited from it. Many legal experts also believe that Donald Trump hasn’t violated any major rules by launching his TRUMP meme coin.

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.